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<br /> <br /> <br />The city will establish and maintain a program for the construction and maintenance of the <br />municipal storm water management system. Financial projections for the storm water management <br />system shall be updated annually. <br /> <br />The city will establish and maintain a program for the maintenance of the municipal street system. <br />The initial sealcoating in new subdivisions will be financed with monies collected for this purpose at <br />the time of original development. Other sealcoating will be financed through the pavement <br />management fund and other maintenance activities will be financed through the General fund. <br /> <br />The city will prepare an on-going plan for the reconstruction of all city streets. The city will provide <br />a sustainable source of funding for the street reconstruction program. The city will annually prepare <br />cash flow projections for street reconstruction projects to ensure adequate and ongoing funding. <br /> <br />Capital Assets and Capitalization Thresholds <br />A capital asset is a tangible asset that has a life expectancy of more than one year. For financial <br />statement reporting purposes, the city reports capital assets in the following categories and has <br />established a capitalization threshold for each category: <br /> <br /> Capitalization <br /> Category Threshold__ <br /> <br /> Land $10,000 <br /> Buildings $25,000 <br /> Other Improvements $25,000 <br /> Machinery and equipment $10,000 <br /> Vehicles $10,000 <br /> Infrastructure $100,000 <br /> Construction in progress Accumulate all costs and capitalize <br /> if over $100,000 when completed <br /> Other assets $10,000 <br /> <br />Another criterion for recording capital assets is capital-related debt. Capital assets purchased with <br />debt proceeds should be capitalized and depreciated over their estimated useful life. <br /> <br />The amount to record for a capital asset is any cost incurred to put the asset into its usable <br />condition. Donated capital assets should be reported at fair value at the time of acquisition. <br /> <br />Risk Management <br /> <br />1.The city will maintain a Risk Management Program that will minimize the impact of legal <br />liabilities, natural disasters or other emergencies through the following acitivies: <br /> <br /> <br />Loss Prevention. Prevent negative occurrences. <br /> <br /> <br />Loss Control. Reduce or mitigate expenses of a negative occurrence. <br /> <br /> <br />Loss Financing. Provide a means to finance losses. <br /> <br /> <br />Loss Information Management. Collect and analyze relevant data to make prudent <br />loss prevention, loss control and loss financing decisions. <br /> <br />2.The city will maintain an active Safety Committee comprised of city employees. <br />Financial Management Policies Page 15 <br /> <br />