09/23/2003 Resolutions 2003-271
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RES 0 L UTI 0 N 2003-271
WHEREAS, the City of Grand Island follows government accounting standards for
identifying and calculating valuations on city assets; and
WHEREAS, Government Accounting Standards Board (GASB) No. 34 as amended
outlines how infrastructure assets are to be reported in financial statements and depreciated; and
WHEREAS, the City has the option to use a modified method to depreciate the
infrastructure to provide a more simplistic approach for accounting for infrastructure; and
WHEREAS, in order to facilitate the transition to a modified method to depreciate
infrastructure, the following will need to be performed:
1. An up-to-date inventory of eligible infrastructure assets has been compiled.
2. Condition assessments will need to be performed every three years on the eligible
infrastructure assets, with the results summarized using a measurement scale.
3.
An annual amount will be estimated and budgeted each year to maintain and preserve
the eligible infrastructure assets at a 75% condition level as established and disclosed
by the government.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the modified method for depreciation of city
infrastructure is hereby adopted effective with the fiscal year beginning October 1,2003.
Adopted by the City Council of the City of Grand Island, Nebraska, September 23, 2003.
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RaNae Edwards, City Clerk
Approved as to Form J:l
September 18. 2003