Resolution No. 20-38RESOLUTION NO. 20-38
A RESOLUTION OF THE CITY OF ATLANTIC BEACH,
FLORIDA INCREASING THE CAPITAL ASSET THRESHOLD
FROM $1,000 TO $5,000 AND PROVIDING AN EFFECTIVE
DATE
WHEREAS,the current threshold is $1,000 for those items that have a useful life of
more than one year,are considered capital assets and are recorded in the City's capital asset
system; and
WHEREAS, effective October 1, 2020 the Florida Department of Financial Services
of the State of Florida Chief Financial Officer's office has changed its Rule 69I-73; and
WHEREAS, Rule 69I-73.002 which stipulates the threshold for recording property
for local governments will increase the minimum threshold for recording to $5,000.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Atlantic Beach, Florida,that
1. Effective October 1, 2020 the City of Atlantic Beach increases its
minimum threshold for recording property from $1,000 to $5,000.
2. This resolution shall take effect immediately upon its passage and
adoption by the City Commission of the City of Atlantic Beach, Florida.
ADOPTED at a public hearing by the City Commission of the City of Atlantic Beach,Florida
on the 28th day of September 2020.
6ret i
lien Glasser
Mayor/Presiding Officer
Approved as to form and correctness:
i./42.411eirnBiaM
City Attorney
ATTEST:
76 vri€L JLZ
Donna L. Bartle
City Clerk