One of the greatest undertakings is developing the inventory and historical cost of the county s infrastructure. In addition to the normal consideration of infrastructure counties should also include solid waste and reclamation sites, golf courses, and any other facilities that provide county wide service which are not currently included in their general fixed asset ledger. It should be remembered that each county is only required to record those infrastructure assets that are major. A major asset is one that represents a value that is at least 5 percent of the total cost of all the assets owned by the county in the first year of GASB 34 implementation. Roads are a major asset.
Bridges are a major asset.
Collectively they would be considered a system and therefore evaluated as a whole and not individually. Infrastructure assets acquired prior to 1980 do not have to be recorded on a retroactive basis. One decision that the county will need to make is whether all roads and bridges in the county are going to be recorded. Once a decision is made the county will need to develop the inventory of those assets that are going to be recorded. The county will then need to determine the level of detail for identifying and value the infrastructure assets.