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MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />Mayor and City Council <br /> <br />Lori Johnson, Finance Director <br /> <br />December 16, 2002 <br /> <br />SUBJECT: Consider Capital Asset Guide <br /> <br />Item 4.5. <br /> <br />In preparation for implementing Governmental Accounting Standards Board (GASB) <br />Statement No. 34, Basic Einandal Statements - and Management's Discussion and Anal~sis -for State <br />andLocal Governments, a capital asset guide has been developed to address the capital asset <br />information that will be included in the city's comprehensive annual financial report. One of <br />the new reporting elements of GASB 34 is the requirement that governments report general <br />infrastructure assets and depreciate general capital assets. <br /> <br />The Capital Asset Guide sets capitalization thresholds for the various capital asset categories, <br />defines which assets should be capitalized, and sets an estimated useful life for each type of <br />capital asset. The attached Capital Asset Guide meets the requirements of GASB 34 and has <br />been approved by Steve MacDonald, Abdo, Eick & Meyers. <br /> <br />Action Requested <br />The City Council is asked to adopt the City of Elk River's Capital Asset Guide as attached. <br /> <br />s:~council\lori\gasb34.doc <br /> <br /> <br />