HomeMy WebLinkAboutRESOLUTIONS - 10172007 - RES-280 IN THE HOARD OF SUPERVISORS
OF
CONTRA COSTA COUNTY, STATE OF CALIFORNIA
In the Matter of Policy
Defining Plant and PropIrt 8 0
-
erty Assets for Account- RESOLUTION NO.
ing Purposes .
WHEREAS, this Hoard of Supervisors, by order dated
December 1, 1959, defined for accounting purposes items con-
sidered as assets; and
WHEREAS, circumstances and prices have changed since
this definition was promulgated; and
WHEREAS, the County Auditorts Uniform Accounting Com-
mittee has adopted a revised definition for plant and property
assets;
NOW, THEREFORE, BE IT RESOLVED that the following is
adopted as policy for accounting purposes :
Plant and property assets are defined as :
1. Land and improvements .
2. Structures and improvements .
3. Equipment and improvements .
Plant and property assets of minimum values are to be charged to
expense . Therefore, capitalize the cost of
1. All land acquired.
2. Permanent structures costing $500 or more.
3. Equipment with an expected life of three years or
more and costing $50 .00 or more .
An improvement is an alteration or a structural change to plant
and property which results in a functional improvements over its
original state or materially adds to its life . Improvements of
minimum amounts are to be charged to expense . Therefore, capi-
talize the cost of
1 . All land improvements .
2. Structure improvements that cost $1,000 or more,
and - if costing less than $1,000 -- those items
whose costs represent 20 or more of the struc-
ture 's recorded cost .
3. Improvements costing $50.00 or more made to capi-
talized equipment .
Costs must include sales tax, delivery and installation
charges .
RESOLUTION NO. 2
PASSED AND ADOPTED this 29th day of August, 1961, by
the following vote of the Board:
A'Y'ES. Supervisors James P. Kenny, Mel F. Nielsen,
Thomas John Coll, Edmund A. Linscheid,
Joseph S. Silva. .
NOES: None .
ABSENT: None.