FY 2025 BUDGET BOOK - Flipbook - Page 108
Property, plant, and equipment are depreciated using the straight-line method over the following
estimated useful lives:
Assets:
Useful Life:
Land Improvements
15-40 years
Buildings
10-40 years
Infrastructure
15-40 years
Equipment
3-40 years
Expenditures for repairs and maintenance are expensed when incurred. Additions, major repairs or
replacements that increase the useful life of the asset are capitalized.
The City complies with the standards established by the Governmental Accounting Standards Board
Statement (GASB) Statement 34 and all subsequent pronouncements set forth by GASB regarding
Capital Asset Accounting.
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