Chapter 3.44
FIXED ASSET POLICY

Sections:

3.44.010    Policy.

3.44.020    Fixed assets.

3.44.030    Fixed asset identification.

3.44.040    Fixed asset inventory.

3.44.050    Disposal of fixed assets.

3.44.060    Lost or stolen fixed assets.

3.44.010 Policy.

It is the policy of the city to maintain accountability of fixed assets. The city clerk-treasurer shall maintain an inventory record of all fixed assets held by the city.

(Res. No. 12.11.09, § 1, 11-1-12).

3.44.020 Fixed assets.

Fixed assets include items with values over five thousand dollars and a life expectancy of over one year. This inventory is split into five categories: land, construction, infrastructure, machinery and equipment, and licensed vehicles.

A. Land: all land under the care of the city. Includes all parks, building sites, well sites, and rights-of-way.

B. Construction: all buildings and structures under the care of the city.

C. Infrastructure: includes all wells, streets, traffic lights, paved parking areas, park improvements, etc.

D. Machinery and equipment: includes computers, copy machines, powered equipment, etc.

E. Licensed vehicles: includes all things that drive on the road or can be licensed for road operation. Includes cars, trucks, backhoes, trailers, tractors, boats, etc.

(Res. No. 12.11.09, § 1, 11-1-12).

3.44.030 Fixed asset identification.

Before being put into service, the following information shall be recorded for each item constituting a fixed asset:

A. Date of purchase with copy of original invoice.

B. Manufacturer, model number, and serial number.

C. Custodian, department and location.

D. Use or purpose.

E. Inventory number.

(Res. No. 12.11.09, § 1, 11-1-12).

3.44.040 Fixed asset inventory.

The city will conduct an annual physical inventory of all fixed assets to verify their existence.

(Res. No. 12.11.09, § 1, 11-1-12).

3.44.050 Disposal of fixed assets.

A fixed asset shall be removed from the inventory when the asset is sold, scrapped, cannibalized, disappears (lost or stolen) or lost by casualty (fire, flood, etc.).

(Res. No. 12.11.09, § 1, 11-1-12).

3.44.060 Lost or stolen fixed assets.

Whenever a fixed asset is unaccounted for, the controlling department shall notify the clerk-treasurer, who will report the loss to the mayor and the police.

(Res. No. 12.11.09, § 1, 11-1-12).