Res 2011- 43 Adopt Capital Asset PolicyRESOLUTI ®N 2011 -43
Wirs
1 11
WHEREAS, the city adopted a capital asset policy in December of 2004; and
WHEREAS, the capital asset policy has been updated to reflect the current
practice; and
WHEREAS, the revised policy clarifies that the city takes a full year of
depreciation in the year the asset is acquired and no depreciation in the year of disposal.
WII EREAS, the capital asset policy language has been revised to be in
compliance with GASB Statement 51 by capitalizing intangible assets.
NOW THEREFORE BE IT RESOLVED, that the Mendota Heights City
Council adopts the attached capital asset policy retroactively to December 31, 2010.
Adopted by the City Council of the City of Mendota Heights this 7h day of June 2011.
ATTEST
c
Sandie Thone, City Clerk