7. Capital assets

City Council Meeting · 2026-04-28 · agenda_item

This item concerns the City of Clermont's accounting practices for capital assets, including infrastructure. The city capitalizes and reports assets at historical cost, excluding normal maintenance. Donated assets are recorded at their estimated value. Land and construction in progress are not depreciated, while other assets like buildings and water/sewer systems are depreciated over set periods. This item is under review as part of the city's financial reporting. The city's ongoing management of capital assets, including infrastructure, will involve site preparation, utility work, construction, and maintenance. Local contractors, trades, suppliers, and service providers should engage with the city early to understand future needs and potential opportunities as these capital assets are managed and potentially expanded.