A coulter assembly (12, 14) is provided that facilitates continuous adjustment of a coulter disk penetration depth. In an exemplary embodiment, the coulter assembly includes a gauge wheel (68) configured to rotate across a soil surface to limit a penetration depth of a coulter disk (58) into the soil. A depth adjustment assembly (72) is coupled to the gauge wheel (68) and configured to adjust the penetration depth of the coulter disk (58) by continuously varying the vertical position of the gauge wheel (68). This configuration may enable the coulter disk (58) to operate at any penetration depth within the gauge wheel range of motion, thereby facilitating deposition of fertilizer within the soil at a suitable depth to enhance crop growth.