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