Victoria, Prince Edward Island
· adopted 2026-01-12
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unofficial consolidation, the official version is held by the municipal clerk.
POLICY TITLE: CAPITAL ASSET POLICY POLICY NUMBER: 2026-02
APPROVAL DATE:
January 12, 2026
## Policy Statement
This capital asset policy is established to give directives/guidelines on the life cycle and amortization of capital assets belonging to the Rural Municipality of Victoria.
## Criteria and Conditions Guidelines
1. All expenditures of a capital nature with an expected useful life of 3 years and greater with a cost of $1,000 or greater will be recorded as a capital asset.
2. All capital assets will be amortized on the straight line basis over their expected useful lives using the following guidelines:
- Buildings -- 40 years
- Land Improvements (incl. new parks) -- 20 years
- Fire trucks and heavy equipment -- 15 years
- Fire and general equipment -- 10 years
- Park and Playground equipment -- 15 years
- Office and computer equipment -- 5 years
- Motor vehicles -- 10 years
- Water & Sewer Systems (as outlined in Island Regulatory & Appeals Commission guidelines)
3. The costs and accumulated amortization will be deducted from balance as follows:
- For fire trucks, heavy equipment, motor vehicles, land and buildings when sold or disposed of.
- For all other equipment after 15 years.
- This capital asset policy replaces policy #2018-03, dated April 9, 2018 replaces any existing capital asset policy on file with the Rural Municipality of Victoria.