3/24/1992 - Laserfiche WebLink

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� � s D. Change Fixed Asset Threshold to $500 The Board reviewed memo from OMB Director Joe Baird dated March 18, 1992: TO: Members of the Board of County Commissioners DATE: March 18, 1992 SUBJECT: CHANGE F KED ASSET THRESHOLD TO $500.00 CONSENT ITEM FROM: Joseph A. Baird t OMB Director DESCRIPTION AND CONDITIONS Finance and the Budget office have been discussing changing the threshold for capitalizing fixed assets from $200 to $500. Florida Statutes 274.02 allows fixture and other tangible personal property of a non -consumable nature with a value of $500.00 or more and a normal expected life is one year or more to be capitalized. The amount was changed to $500.00 in the law several years ago and Indian River County did not increase the amount at that time. RECOMMENDATION Staff feels that we should change the threshold on fixed assets to $500.00 to be effective October, 1, 1992. ON MOTION by Commissioner Wheeler, SECONDED by Commissioner Bird, the Board unanimously changed the threshold on fixed assets to $500.00 to be effective October 1, 1992, as recommended by staff. E. Repeal of Certain Chapters in the 1974 Edition of the Code Set Public Hearing Date The Board reviewed memo from Assistant County Attorney Terry O'Brien dated March 16, 1992: TO: Board of County Commissioners FROM: Terrence P. O'Brien - Assistant County Attorney—fl-"O DATE: March 16, 1992 SUBJECT: REPEAL OF CERTAIN CHAPTERS IN THE 1974 EDITION OF THE CODE A number of chapters in the Indian River County (1974 edition) merely reflect Special Acts of the Florida Legislature and, therefore, are not County Codes that can be amended or repealed by the County. These Special Acts are better placed in an appendix to the new code. Accordingly, the attached ordinance removes these Special Acts from the Code (1974 edition) and places them in an appendix to the new code. A public hearing date of April 21, 1992 is recommended. 7 MAR 2 4.1992 L- ��,�� @OOK.