Capital Assets.8.27.18Capital Assets
Capital Assets are individual items with an initial cost of $1,000 or greater which have an estimated
useful life greater than two years. Capital Assets must be purchased with a capital budget account.
Capital Assets costing less than $5,000 may be purchased on the open market. Capital Assets costing
$5,000 or more should be purchased through a semi-formal or formal process as described in the
County’s Purchasing & Contracts Policy.
If a capital purchase includes multiple parts costing small amounts (such as a computer, monitor,
keyboard, cables, etc.), the entire package price should be paid out of a capital budget account. However,
the subsequent replacement of any small parts should not be paid out of a capital budget account.
The purchase of any Capital Asset requires prior approval by the Board, unless the item: (1) Costs less
than $5,000; AND (2) Is specifically itemized within the current budget; AND (3) The total cost of the item
does not exceed the budgeted amount.
The purchase of any Capital Asset with a value of $5,000 or more requires specific approval by the Board
after completion of the appropriate bid process, even if the item is itemized within the current budget.
This policy does not apply to routine repair and maintenance of vehicles, equipment or building facilities.
Resolution 111003, adopted by the Teton County Commissioners November 10, 2003, establishes Teton
County’s “fixed asset threshold” at $5,000 for financial statement purposes.
Capital Asset inventories should be reviewed at least biennially for accuracy.
Disposition of Capital Assets. Capital Assets can only be disposed of by the Board after following the
requirements contained in Idaho Code 31-808(1), which requires a public auction to be held; or Idaho
Code 31-829, which allows the Board to determine that the asset has greatest value as a trade-in; or Idaho
Code 31-808(9), which allows the Board to grant or exchange property with the federal government, state
of Idaho, or other taxing districts. If an auction is required, a notice of auction must be published at least
10 days prior to the auction date..
Lease or Purchase. All requests for capital acquisitions shall be incorporated into a departmental budget
request as a purchase. During the budget process, the Board will consult with the County Clerk, County
Treasurer and responsible official in order to decide whether the asset should be leased or purchased.
Revision: 3
Date: 8/27/18
Original Issue Date: 6/15/11
Number of Pages: 1
Approved: BOCC
TETON COUNTY ADMINISTRATIVE POLICIES
Capital Assets
See also “Purchasing & Contracts” Policy