VILLAGE OF TAOS SKI VALLEY
RESOLUTION NO. 2007-130
Replaces Resolution No. 2006-110
AUTHORIZING THE DOLLAR AMOUNT OF A FIXED ASSET AND THE APPLICATION OF DEPRECIATION METHODS AND LIVES FOR ALL ITEMS
WHEREAS, the Governmental Accounting Standards Board (GASB) has adopted statement 34, which effectively changes governmental accounting for all government agencies in New Mexico; and
WHEREAS, statement 34 changes the format and contents of government financial statements and also includes a government’s infrastructure that may now be depreciated; and
WHEREAS, the reporting of all the capital assets, including the calculation of depreciation expense for assets of funds, is required.
NOW, THEREFORE, BE IT RESOLVED that new capital purchases of $5,000 or more for an individual item would be recorded on the fixed asset inventory. New items purchased under that amount will be recorded as an expense. All items placed on the asset inventory prior to June 17, 2005 will remain on the inventory. This is done in conformity with the State of New Mexico rules and regulations.
THEREFORE BE IT RESOLVED by the governing body of the Village of Taos Ski Valley, New Mexico that upon review of our assets the following depreciation methods and lives for all new items costing $5,000 or more:
Data Processing Equipment Straight Line 3 years
Software Straight Line 3 years
Equipment and Machinery Straight Line 5 - 20 years
Vehicles Straight Line 5 years
Furniture and Fixtures Straight Line 7 years
Buildings Straight Line 30 years
Infrastructure Straight Line 40 years
PASSED, ADOPTED AND APPROVED this 8th day of November, 2006.
THE VILLAGE OF TAOS SKI VALLEY
Attest:
_______________________ _______________________________
Neal King, Mayor Vanessa N. Chisholm, Clerk/Treasurer
Vote For ____, Against ____