Chapter 3.04
FISCAL YEAR AND FISCAL PROCEDURES

Sections:

3.04.010    Established.

3.04.020    Fixed asset capitalization policy.

3.04.010 Established.

Beginning January 1, 1982, the fiscal year of the city of Palmer is established as commencing January 1st and ending December 31st of the same year. (Ord. 242 § 3, 1981; Ord. 123 § 1, 1965)

3.04.020 Fixed asset capitalization policy.

All assets that qualify as capital assets (equipment, buildings, improvements other than buildings and unclassified plant in service) shall be capitalized and recorded in the general fixed assets account group or enterprise funds as appropriate. A capital asset is any item not consumed through use having a useful life of greater than two years and costing more than $5,000 individually. (Ord. 591 § 4, 2002)