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Customer account

City of Columbia: capital assets by fund, and a GASB 34 note that comes out of the register.

Municipal government. To be reconfirmed with the city's finance department before publication.

A city keeps capital assets across governmental and business-type activities, by fund and by function, and has to present the roll-forward in the annual comprehensive financial report. This account describes how the City of Columbia's finance staff keep that register.

Editorial note for review. The paragraphs below are structured from the previously published account and from what the product does for a municipality. The measured figures (asset count, hours in the year-end close, audit findings before and after) must be supplied by the city and approved in writing before this page is published. Nothing in this draft may be published as a quotation.

What the register holds

Land, buildings, improvements, infrastructure, vehicles and equipment, each tagged with fund, function and department. Infrastructure assets under the modified approach are held at cost without depreciation. Construction in progress accumulates by project and capitalises on completion.

The year-end deliverable

The roll-forward by asset class, split between depreciable and non-depreciable assets and between governmental and business-type activities, with beginning balance, additions, retirements, depreciation and ending balance. It is the source for the capital-asset note and the schedule the auditor tests.

What changed

[To be supplied by the city: the prior process, the length of the close before and after, and any audit findings relating to capital assets in the years before and since.]

In their words

[Quotation to be supplied and approved by the named official.][Name, title], City of Columbia

If you keep a municipal register

The government and nonprofit page describes fund tagging, the GASB 34 roll-forward, lease and subscription schedules under GASB 87 and 96, and how public bodies buy on a purchase order.

Try it on your own register.

The 14-day trial is the full product. Load a spreadsheet of your assets, run a schedule, and compare it with what you filed. No card is needed.

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