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B. The Capital Asset Team is responsible for maintaining a current listing of
Capital Assets Coordinators from all City departments.

C. The Capital Asset Team must oversee the review of all transactions related
to capital assets at least monthly and update the PSAM system, as required,
upon validation of the transactions or corrections.

D. The Capital Asset Team, Financial Services Manager, and Assistant
Finance Director over Accounting are responsible for ensuring that journal
entries and monthly depreciation expense are properly recorded in the
general ledger and financial changes noted by the Capital Assets
Coordinators are recorded in the PSAM system.

E. FMS is responsible to provide department representatives with the
necessary support in capital asset management to effectively fulfill their
duties and responsibilities under this policy.

Asset Classification
The City categorizes capital assets into the following:

A. Land

Land includes all land parcels purchased or otherwise acquired by the City
for building sites, streets, right of way, permanent easement, recreation,
future use, etc. This does not include land held for resale, which is
accounted for as inventory.

Land is frequently associated with some other asset (e.g., land under a
building or road). Land should always be treated and accounted for
separately. The cost of the land should include not only the acquisition
price, but also the cost of initially preparing land for its intended purpose,
provided these preparations have an indefinite useful life, like the land
itself. The recorded cost of land includes (1) the contract purchase price;
(2) the costs of closing the transaction and obtaining title, including
commissions, options, legal fees, title search, insurance, and past due or
current taxes; And (3) the cost of preparing the land for its particular use
such as clearing and grading. If the land is purchased for the purpose of
constructing a building, all costs incurred up to the excavation for the new

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