The Bremen Town Council members recently considered the adoption of a capital assets policy ordinance.
As it states in the policy, capital assets include land, land improvements, monuments, buildings, building improvements, construction in progress, machinery and equipment, vehicles, and infrastructure. It includes all items with a useful life of more than one year, and having a unit cost of $5,000 or more.
The purpose of the policy is to safeguard the investment of the citizens, fix responsibility for the custody of the equipment, provide data for financial reporting, among other purposes. It serves to help with accuracy in financial reporting through the Indiana State Board of Accounts.
The council members declared the ordinance an emergency and approved the ordinance as presented on all three readings.
