HomeMy WebLinkAboutD-1492-00 See D-1546-01
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ORDINANCE NO. D-1492-00
AN ORDINANCE OF THE COMMON COUNCIL OF ..\.....
CITY OF CARMEL, INDIANA, ESTABLISHIN~\
FIXED ASSET CAPITALIZATION POLICY AND A~
CHAPTER 2, ARTICLE 5, SECTION 2-132/
TO THE CARMEL CITY CODE\9
. WHEREAS, the Common Council of the City ofc~e~ det mined that a need
exists to establish a Fixed Asset Capitalization Policy for t I and' s various Departments
and Utilities, . . \.
NOW, THEREFORE, Be It Ordained by tIi(Cm!mon C uncil of the City of Carmel,
Indiana, as follows: V
Section I: Section 2-132 is hereby added to the C el City Code, to read as follows:
S""oo 2-132 Fix'" A"" c.pitA~ Poli,
(a) Definitions and Provisio~
For purposes of this ~ance, e following definitions shall apply unless the
context clearly indicates or requires ifferent meaning:
(1) "Tang~ssets." Assets that can be observed by one or more of the
Phy~)';;l~ses.
(2) "~d Ass ." Tangible assets ofa durable nature employed in the .
~rating ctivities of the City that are relatively permanent. These assets
e not ld for sale in the ordinary course of business, This broad group .
n \ IS usu y separated into classes according to the physical characteristics of
. ,,,\ the' ms.
~~ J3' 'apital Outlays," Expenditures which benefit both the current and future
V fiscal periods, This includes costs of acquiring land or structures,
construction or improvement of buildings, structures or other fixed assets,
and equipment purchases having an appreciable and calculable period of
. usefulness. These are expenditures resulting in the acquisition of or
addition to the City's general Fixed Assets.
(4) "Capitalized Assets." Capitalization is the type and dollar level of the
assets acquired by or donated to the City that are recorded on the balance
sheet of the City, This is independ.ent from what character of the budget
an expenditure is made,
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