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AG 2001 12 17
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AG 2001 12 17
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Last modified
7/19/2002 4:28:34 PM
Creation date
11/27/2017 11:46:34 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/17/2001
Board
Board of Commissioners
Meeting Type
Regular
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existing depreciable assets intended to increase their efficiency or <br />prolong their useful lives.) <br /> <br />Recording of public domain or infrastructure type fixed assets in the <br />accounting records is optional. This category of fixed assets <br />includes roads, bridges, curbs and gutters, streets and sidewalks, <br />drainage systems, and similar assets that are immovable and of <br />value only to the County. <br /> <br />Equipmentr Vehicles and Furniture <br />A fixed asset account that reflects the value of tangible property not <br />permanently affixed to real property, used in carrying out the <br />operations of the governmental unit. Examples of equipment are <br />machinery, furniture and vehicles. <br /> <br />Construction in Progress <br />A fixed asset account that reflects amounts expended on an <br />incomplete building or other capital construction project. When the <br />project is complete, the cumulative costs are transferred to another <br />appropriate fixed asset account. <br /> <br />Valuation of Fixed Assets <br />Fixed assets should be accounted for at cost or if the cost is not practicably <br />determinable, at estimated historical cost. Donated fixed assets should be <br />recorded at their estimated fair market value when received. <br /> <br />Valuations considerations by category of fixed assets include! <br /> <br />Land (Account 9801) <br />If the land is purchased, the valuation includes such costs as <br />purchase price, legal fees, filling and excavation, and other costs <br />directly related to the acquisition of the land and its preparation for <br />use. Rights-of-way and easements are recorded at purchase cost <br />plus legal costs. If land is acquired as a gift (donation), the <br />valuation recorded should be the appraised value at the time of <br />acquisition. Proceeds from the salvaging of any assets removed <br />from the land reduce the land's value. <br /> <br />Buildings and Building Improvements (Account 9820) <br />If purchased or constructed, the valuation of buildings includes <br />such costs as the purchase price, acquisition legal fees, and other <br />professional fees (related to design or construction). If acquired as a <br /> <br /> <br />
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