2024-12-10 Resolution 12277ATTEST:
Michelle Friedrich, City Clerk
RESOLUTION NO. 12277
RESOLUTION APPROVING CAPITAL ASSETS POLICY
WHEREAS, the City of Richfield establishes policies to ensure consistency
and accountability; and
WHEREAS, the purpose of the Capital Assets Policy (“the Policy”) is to
establish guidelines for identifying, recording, managing and accounting for City’s
long-term assets; and
WHEREAS, the current Capital Assets Policy of the City establishes a
capitalization threshold of $5,000 for the recognition of long-term assets; and
WHEREAS, the City has undertaken a review of its Policy considering
changes in operational needs and financial reporting practices; and
WHEREAS, the City believes that increasing the capitalization threshold will
improve asset management processes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota:
1.To adopt the Capital Assets Policy for the City of Richfield to be effective for
the fiscal year ending December 31, 2024.
Approved by the City Council of the City of Richfield, Minnesota this 10th day
of December 2024.
Mary Supple, Mayor
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