City adopts capitalization policy; approves use of Houston Avery Park field for family, friends event
Published 4:55 pm Monday, August 28, 2023
The Atmore City Council adopted its capitalization policy during its meeting on Aug. 28.
According to city records, the policy establishes the minimum cost that should be used to determine capital assets that are to be recorded in the city’s annual financial statements. A capital asset is a unit of property that has an economic useful life that extends beyond 12 months and was acquired or produced for a cost of less than $2,000. The assets must be capitalized and depreciated for financial statement purposes.
The city establishes that $2,000 as the threshold amount for minimum capitalization.
In other business, the city:
- adopted resolution 2023-14, the transportation plan. The resolution comes from the Rebuild Alabama Act, which allows the city to use moneys from gasoline and diesel tax for maintenance, improvement and construction of roads. The anticipated allocation for the fiscal year 2024 is approximately $82,701, according to records; and,
- approved the use of the baseball field at Houston Avery Park for a family and friends day on Sept. 23, 2023, from 6:30 p.m. until 9 p.m.
Minister Jamel Frye said he wants to hold the event, along with other pastors, to bring an awareness of the violence that’s going on with the young people in Atmore.
“A lot of this stuff we’re dealing with in the community, it starts at home,” Frye said. “If we as a community can get together, and let them (young people) know that we do care, then that’ll go a long way.
“Even if 15 people show up, we’re still letting the people in the community know that the killing needs to stop; that fighting needs to stop,” he said.