HomeMy WebLinkAbout12-193 Capital Asset Policy Update
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 2 - 193
A RESOLUTION APPROVING A CAPITAL ASSET POLICY AMENDMENT
Motion By: Hedberg Second By: Soukup
WHEREAS, Capital asset reporting must be consistent with Generally Accepted Accounting Principles
(GAAP) ; and
WHEREAS, The goal of the C apital Asset Policy is to outline the proper accounting tre atment for
capital assets; and
WHEREAS, The City of Prior Lake’s current Capital Asset Policy was last revised in 2004; and
WHEREAS, The policy was reviewed by City’s audit firm to ensure t hat it is consistent with Generally
Accepted Accounting Principles (GAAP) ; and
WHEREAS, The City Council finds the amended Capital Asset Policy, dated November 26, 2012,
properly describes the accounting treatment to be used for capital assets and is
c onsistent with GAAP; and,
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council hereby approves the amended Capital Asset Policy previously es tablished on
September 7, 2004 and revised on November 26, 2012.
PASSED AND ADOPTED THIS 26 DAY OF N OVEMBER 201 2 .
th
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________ ________________
Frank Boyles, City Manager
C: \ DOCUME~1 \ cgreen \ LOCALS~1 \ Temp \ ELF20121127_121250 \ 12 - 193 Capital Asset Policy Update.doc