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Miltonvale Park

Miltonvale Park

Prince Edward Island

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Capitalization Policy

  1. The purpose of this policy is to establish rules and guidelines for the capitalization of long-term capital assets including land, site improvements, buildings, furniture and equipment.
  2. Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair market value.
  3. Capital assets are depreciated on a straight-line basis as follows:
    Site Improvements – 10 years
    Buildings – 10 years
    Equipment & Furnishings – 5 years
    Computer Equipment – 3 years
  4. Capital Assets are depreciated at 50% of regular rate in the year of acquisition. Capital assets under construction are not recognized until available for use.
  5. Restricted Capital grants are recognized in the year the related capital asset(s) is available for use.
  6. Assets valued at less than $500 are expensed in the year of purchase. Groups of associated assets are capitalized if the total value exceeds $500.
  7. Cost in accordance with section 2 above, is the gross amount of consideration given to acquire, construct, develop, or better a tangible capital asset, including all costs directly attributable to the acquisition, construction, development, or betterment of the tangible capital asset including costs to install the asset at its final location in the condition required for its use.
  8. Cost, in accordance with section 2 above, does not include taxes paid in regard to the asset that are recoverable through other levels of government by the Rural Municipality.
  9. This policy is subject to any change in Public Sector Accounting Standards pertaining to Tangible Capital Assets and the direction of the Rural Municipality Auditors as may be necessary from time to time.

Rural Municipality of Miltonvale Park

Incorporated in 1974, includes the areas of North Milton, Milton Station, Springvale, South Milton and Sleepy Hollow. We have approximately 1190 residents.

Contact Us

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Contact:

Rural Municipality of Miltonvale Park
7B New Glasgow Road – Rte 224
North Milton, PE C1E 0S7
(902) 368-3090
admin@miltonvalepark.com

Office Hours:

Tuesdays: 4:30-6:30pm
Wednesdays: 9:00-11:00am

Office is open 20 additional hours each week, by chance or appointment.

Development Officer: April-November, Wednesdays 10:00am-2:00pm or call office to make an appointment.

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