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