VILLAGE OF NASHVILLE
We the Village of Nashville will depreciate our general and infrastructure fixed
assets using the straight-line depreciation method. Any general or infrastructure fixed asset placed into service during any
month will be considered in place for the entire month.
The Village is recognizing depreciation on general and infrastructure fixed assets in order to be in compliance
with GASB 34 that requires, among other things, that depreciation be recognized for these assets on the financial statements
of the Village. The Village has always depreciated Enterprise Fund fixed assets (i.e. Water and Sewer funds). This
policy does not address those particular fixed assets.
The Village establishes a salvage value for each general and infrastructure fixed asset in order to recognize
that the life of the asset continues past the useful life contained in this document. For ease of calculation, the Village
elects not to continue to depreciate these assets beyond their calculated useful life; alternatively, the value of the asset
will remain on the financial statements at the salvage value until the asset is taken out of service.
The salvage value and useful life shall be determined by
the following schedule:
(%of original purchase price)
The Clerk or Treasurer have discretion,
within reasonable and customary boundaries, to alter the salvage value percentage or useful lives on any individual general
or infrastructure fixed asset based on a particular set of circumstances.
Adopted at the regular board meeting held March 27, 2003.