ROSWELL NEW MEXICO
COMMITTEE AGENDA ITEM ABSTRACT
COMMITTEE AGENDA ITEM ABSTRACT
19.
Finance Committee
- Meeting Date:
- 01/08/2026
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Kurt Gass
ACTION REQUESTED:
Resolution 26-XX - Consider authorizing the removal of certain items with an individual acquisition cost of five thousand ($5000) or less from the City's certified capital asset list. (Garcia)
BACKGROUND:
Initiated By: Deanna Garcia
This Resolution is to update the certified asset list to conform with the statute. Section NMSA 1978, § 12-6-10 provides that no agency shall be required to list or itemize any tangible personal property with an individual acquisition cost of five thousand dollars ($5,000) or less. The City has identified certain tangible personal property currently included on the City’s certified capital asset list that has an individual acquisition cost of five thousand dollars ($5,000) or less. Such property remains in active use by City departments and is not being physically disposed of, but no longer meets the statutory threshold for inclusion on the certified capital asset list, See Exhibit A.
This Resolution is to update the certified asset list to conform with the statute. Section NMSA 1978, § 12-6-10 provides that no agency shall be required to list or itemize any tangible personal property with an individual acquisition cost of five thousand dollars ($5,000) or less. The City has identified certain tangible personal property currently included on the City’s certified capital asset list that has an individual acquisition cost of five thousand dollars ($5,000) or less. Such property remains in active use by City departments and is not being physically disposed of, but no longer meets the statutory threshold for inclusion on the certified capital asset list, See Exhibit A.
FINANCIAL CONSIDERATION:
This resolution will ensure that the City's asset records are updated to reflect these removals and maintain proper accounting for financial reporting and compliance.
LEGAL REVIEW:
The Resolution was submitted to Legal for review.
BOARD AND COMMITTEE ACTION:
Finance Committee will be the first to hear this item.
STAFF RECOMMENDATION:
Consider authorization of adoption of Resolution 26-XX for the removal of certain items with an individual acquisition cost of five thousand ($5000) or less from the City's certified capital asset list.