Council OKs capital policy

The first reading of an ordinance to create a capital asset policy for city departments and utilities was approved Monday by Portland City Council members.

The policy, effective Jan. 1, 2004, will document the minimum value of the city’s capital assets to be itemized on financial reports, according to the ordinance presented to council members at Monday’s meeting.

Capital assets include land, land improvements, monuments, buildings, building improvements, construction in progress, machinery, vehicles and infrastructure.

The city currently has a capital asset program, but is establishing a policy following new regulations issued by the Indiana State Board of Accounts. The policy will classify capital assets that cost $5,000 or more for accuracy in financial record keeping.

Also Monday, council members unanimously approved the first readings of two ordinances to rezone property on the city’s west side.

The request, from landowner Jacqueline Delauter, would rezone 6.43 acres to highway service from agricultural. The land is located just north of Portland Forge Employees Federal Credit Union at 1102 W. Votaw St.

The second request was approved to rezone an approximately one-acre lot at 026 South 300 West, owned by Deb Zweber, to agricultural. The land was previously zoned commercial and housed a television repair business.

The council is scheduled to vote on final approval of these three ordinances at its next meeting on Monday, Dec. 15, at 7 p.m. in the community room at the Portland Fire Station. It will be the council’s last meeting in 2003.

In other business, council members:

•Heard Portland street and parks department superintendent Dave Chadwick report that city residents still wanting leaves collected can call city hall at (260) 726-9395 to arrange pick up.

•Heard Portland Mayor Jim Hedges report that two-way stop signs have been attached to the stop signs at the intersection of Lafayette and Franklin streets after Councilwoman Linda Kennedy received calls from city residents concerned about that intersection.

Vehicles traveling on Franklin Street are required to stop, but Kennedy told the council at its Nov. 3 meeting that the callers believe that it is a dangerous intersection because drivers often think that vehicles traveling on Lafayette Street also are required to stop.

Hedges added Monday that signs telling drivers that cross traffic on Lafayette Street does not stop at the intersection also will be installed.[[In-content Ad]]