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7056 <br /> asset is recorded as a revenue on the books at the same time the new asset is purchased. <br /> Detail revenue reports are used to identify the deletions from the Fixed Asset record. <br /> During the insurance renewal process, assets listings distributed to the Departments and <br /> are compared to the listings from the LMCIT. This is a final check to verify if assets are <br /> missing or need to be deleted from the fixed asset listing. <br /> 7-4. DEPRECIATION <br /> The City's capital assets are depreciated using the straight-line method over the <br /> estimated useful lives. If assets are acquired in June or before, half a year will be <br /> depreciated. If the assets are acquired July or after, depreciation will start in the next <br /> year. For capital projects, acquired date is the date the project is complete. <br /> In the Enterprise Fund, assets will be recoded from the 16500 to the appropriate asset <br /> account once acquired in its entirety. Depreciation will start based on the on the half- <br /> year convention described above at this time. <br /> Estimated useful life guideline is as follows: <br /> Storm Sewer <br /> Storm Sewer System 50 years <br /> Storm Sewer Improvements/Replacements 50 years <br /> Ravine Stabilization 25 years <br /> Ravine Improvement 30 years <br /> Concrete 100 years <br /> Corrugated Metal 50 years <br /> Sanitary Sewer <br /> Lift Station Rehabilitation 25 years <br /> Grinder Station Rehabilitation 30 years <br /> Lift Station Monitoring 20 years <br /> Main Rehabilitation 50 years <br /> Force main/Sewer main Replacement 70 years <br /> Water <br /> Scada Upgrade 10 years <br /> Water Plant Painting 15 years <br /> Salt Brine Tank Rehabilitation 50 years <br /> Well Inspection & Maintenance 10 years <br /> Well Rehabilitation 20 years <br /> Well Screen 30 years <br /> Water Main Replacement 75 years <br /> Water Valve Replacement 50 years <br /> 7-2 <br />