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<br /> <br /> <br /> <br />. <br /> <br /> <br /> <br />Depreciation <br />Capital assets, which includes property, plant, equipment, and infrastructure assets, (e.g., <br />roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business- <br />type columns in the government-wide financial statements. Capital assets are defined by the county as <br />assets with an initial, individual cost of more than $5,000 and an estimated useful life more than one <br />year. Such assets are recorded at historical cost or estimated historical cost if purchased or <br />constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. <br />Kittitas County has elected to use the modified approach to account for the infrastructure account; <br />Gravel Roads, which eliminates the need to report depreciation expense. <br /> <br />Computer Software is reported as Intangible Assets with a capitalization limit of $5,000 and is <br />not depreciated. <br /> <br />Capital Leases are defined as long term debt to the county. The asset is tracked but there is <br />not value placed in the Capital Assets. Capital Leases are determined by one of the following four <br />criteria; 1) The lease transfers ownership of the property to the lessee by, or at, the end of the lease <br />term; 2) The lease contains an option to purchase the leased property at a bargain price; 3) The lease <br />is equal to or greater than 75% of the estimated economic life of the leased property; 4) The present <br />value of rental and other minimum lease payments, excluding that portion representing executory costs <br />to be paid by the lessor, equals or exceeds 90% of the fair value of the lease property. <br />