14-2586 Capital Asset Definition from $1,000 to $5,000

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RESOLUTION 14-2586 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, CHANGING THE DEFINITION OF A CAPITAL ASSET FROM AN EXPENDITURE COSTING $1,000 OR MORE AND HAVING A USEFUL LIFE OF ONE YEAR OR MORE TO AN EXPENDITURE OF $5,000 OR MORE WITH A USEFUL LIFE OF TWO YEARS OR MORE; PROVIDING FOR CONFLICTS, SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Casselberry has reviewed its current accounting policy dealing with capital expenditures being defined as expenditures of $1,000 or more with a useful life of one year or more; and WHEREAS, the City Commission of the City of Casselberry has previously followed Florida State Statute Section 129.06 regarding the definition of a capital asset; and WHEREAS, the City Commission has found it necessary change the definition of a capital asset to an item costing $5,000 or more and having a useful life of two years or more; and WHEREAS, the City Commission is desiring this definition to become effective for implementation of the FY 2014-15 Budget on October 1, 2014; and WHEREAS, the City Commission of the City of Casselberry has determined that all other purchasing policies are to be followed regarding procurement of capital assets; and WHEREAS, the City Commission of the City of Casselberry deems that this Resolution is in the best interest of the public health, safety, welfare and well-being of the citizens of Casselberry. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA AS FOLLOWS: SECTION I. Capital Asset. The City Commission changes the policy defining a capital asset to an expenditure that costs $5,000 or more and has a useful life of two years or more effective October 1, 2014. SECTION II. Conflicts. All Resolutions or parts of Resolutions in conflict with any of the provisions of this Resolution are hereby repealed. SECTION III. Severability. If any section, subsection, sentence, clause, phrase, word or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto. SECTION IV. Effective Date. This Resolution shall become effective immediately upon its adoption.