Title
Discussion and action on Modified Approach to Depreciation
Body
SUMMARY: Our auditors sent a letter outlining the problems with auditing and maintaining the modified approach to depreciation according to GASB 34. Due to this letter and the cost involved, it is recommended to Council that the action taken in June 2013 be rescinded and the City return to normal depreciation of all assets.
BUDGET ACCOUNT: n/a
Recommended Action
NECESSARY COUNCIL ACTION: Rescind the modified approach to depreciation and use normal depreciation for all assets.