HomeMy Public PortalAboutPolicy on Minimum Capitalization AccountingINTER -OFFICE MEMORANDUM
TOWN OF GULF STREAM, FLORIDA
OFFICE OF THE TOWN MANAGER
WILLIAM H. THRASHER
DATE: December 3, 2004
TO: Town Commission
RE: Minimum Capitalization Accounting Policy
The Town has been capitalizing assets with a value greater than or equal to $500.00.
Inasmuch as Section 274.02 of the Florida Statutes has established the minimum value of
$1,000.00, we are requesting that the Town establish a minimum capitalization accounting policy
of $1,000.00.
The policy establishing a minimum capitalization value of
$1,000 was adopted by the Town Commission at the Regular Meeting
N
that was held on December 10, 2004.
DEC-01-2004 14:08 NOWLEN.HOLT3 MINER P.01/D1
Select Year: 2004 Go
The 2004 Florida Statutes
Title suit! Chapter -Z74 View. Entire
PUBLIC LANDS AND TANGIBLE PERSONAL PROPERTY OWNED BY Chapter
PROPERTY LOCAL GOVERNMENTS
274.02 Record and inventory of certain property.—
(1) The word "property' as used in this section means fixtures and other tangible personal property
of a nonconsumable nature the value of which is $1,000 or more and the normal expected life of
which is 1 year or more.
(2) Each item of property which it is practicable to identify by marking shall be marked in the
manner required by the Auditor General. Each governmental unit shall maintain an adequate
record of Its property, which record shall contain such Information as shall be required by the
Auditor General. Each governmental unit shall take an inventory of its property in the custody of a
custodian whenever there is a change in such custodian. A complete physical inventory of all
property shall be taken annually, and the date inventoried shall be entered on the property record.
The inventory shall be compared with the property record, and all discrepancies shall be traced
and reconciled.
History. --s. 2, ch. 59.163; s. 8, ch. 69-82; s. 1, ch. 73.87; s. 5, ch. 82.104; s. 1, ch. 88-53; s. 5, ch.
96.209; s. 2, ch. 2004.296.
Dlsalalmer. The information on this system is unvenfled. The Journals or punted bills of the respective chambers should be
consulted for official purposes. Copyright O 2000.2004 State of Florida.
.. „
-------- _-.. iwi/7nnd
TOTAL P.01