Commission Meeting Agenda Item
Consideration of Approval to Increase the Fixed Asset Capitalization Threshold from $3,000 to $5,000 Starting October 1, 2021
Staff Recommended Motion
Staff recommends approval of increasing the fixed asset capitalization threshold from $3,000 to $5,000 for any tangible property items that have a projected useful life of one year or more starting October 1, 2021.
The Town has been using a capitalization threshold of $3,000 since October 1, 2015. The Florida Department of Financial Services Rule 69I-73 and the Government Finance Officers Association (GFOA) recommends that a government establish a capitalization threshold of no less than $5,000, and the thresholds are best applied to individual items rather than to groups of similar items.
Less Fixed Asset Tracking
Source of Funding
Operating and Capital Assets