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PG Fixed Assets 2008

PG Fixed Assets 2008

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Published by Mark Dierolf
City of Pacific Grove schedule of fixed assets for fiscal year ending in 2008.
City of Pacific Grove schedule of fixed assets for fiscal year ending in 2008.

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Published by: Mark Dierolf on May 13, 2012
Copyright:Attribution Non-commercial No-derivs

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02/09/2014

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CITY OF PACIFIC GROVE
300 Forest Avenue, Pacific Grove, California 93950
AGENDA REPORT
TO:
HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM:
CHARLENE WISEMAN, INTERIM CITY MANAGERJIM BECKLENBERG, DIRECTOR OF MANAGEMENT AND BUDGET
MEETING DATE:
JANUARY 14, 2009
SUBJECT:RECEIVE THE CAPITAL ASSETS REPORT FOR FISCAL YEARENDED JUNE 30, 2008
 
Section 2.14.010 of the Pacific Grove Municipal Code requires the City Manager to present a report to the City Council showing an inventory of the fixed assets of the city each year as of the beginning of the fiscal year.
CEQA:
 
THIS DOES NOT CONSTITUTE A “PROJECT” UNDER CALIFORNIAENVIRONMENTAL QUALITY ACT (CEQA) GUIDELINES
 
RECOMMENDATION:
Receive the report.
DISCUSSION:
Section 2.14.010 of the Pacific Grove Municipal Code (PGMC) requires the City Manager topresent a report to the City Council showing an inventory of the fixed assets of the city each yearas of the beginning of the fiscal year.PGMC Section 2.14.020 specifies the assets required to be included in the inventory. Criteriainclude:Such of the following as have a useful life of at least three years, shall be carried, reported andvalued on the inventory required by Section 2.14.010:(a)Real property held in fee title by the city, other than structures and improvementsthereon and other than land currently used for street and road purposes;(b)Any structures or improvements upon land which have a value of $2,500.00 or more,except for appurtenances to streets and roads;(c)Fixtures which are attached to structures, which are not intended to be removed andwhich have a value of $2,500.00 or more;(d)Each item of equipment, such as furniture, machines, tools and vehicles constitutingmovable personal property having a value of $2,500.00 or more;(e)Any replacement of any unit of a structure or improvement to real property whichresults in an improvement of at least $1,000.00 or twenty percent of the recorded value of theasset, whichever is lower;(f)Any replacement of any unit of any equipment which results in an improvement of at
Page 1 of 3
Consent Agenda Item No. 2.A
 
least $2,500.00 of its recorded value;(g)Real property held in fee title by the city upon vacation of any street or road.The fixed asset report also includes assets that Cities have been required to disclose due to theissuance of Statement 34 by the Governmental Accounting Standards Board (GASB) in June1999 which established new financial reporting requirements for all state and local governmentsthroughout the United States. One major requirement of GASB 34 was to determine the extentto which the City has invested in capital assets such as roads, bridges, and other infrastructureassets. An estimate based upon guidelines established by GASB 34 has been used to determinethe amount the City has invested in Infrastructure since 1980. This estimate is recorded in thecolumn labeled “GASB 34 Adjustment.” The City of Pacific Grove was required to be fullycompliant with this pronouncement by the close of Fiscal Year 2008. Staff accomplished thisgoal.The report attached is summarized in the format in which it will be presented in the City’s annualComprehensive Annual Financial Report (CAFR).
FISCAL IMPACT:
None
ATTACHMENTS:
 
Report AttachedRESPECTFULLY SUBMITTED: REVIEWED BY:_____________________________________ _____________________________Jim Becklenberg Charlene WisemanDIRECTOR OF MANAGEMENT AND BUDGET INTERIM CITY MANAGER
Page 2 of 3
Consent Agenda Item No. 2.A

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