7. Capital assets

City Council Meeting · 2026-04-28 · agenda_item

This item concerns the City of Groveland's accounting policies for capital assets, specifically defining what qualifies as a capital asset, including infrastructure like roads and bridges. It details the cost thresholds for reporting these assets, with a $5,000 minimum for most assets and $50,000 for infrastructure projects. The city uses specific methods to estimate historical costs for initial reporting of infrastructure. This information is part of the city's financial statements and is currently under review as part of their accounting policies. While this item does not describe a specific construction project, understanding these policies is important for contractors and suppliers who may engage with the city on future infrastructure or capital asset projects. Early engagement with city planning departments can help businesses align with the city's financial and asset management strategies.

asset cost threshold

5,000 $

infrastructure project cost threshold

50,000 $