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



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