§ 2-13-290. Fixed assets.

(a)

A fixed asset is any movable chattel or equipment which costs more than five thousand ($5,000.00) dollars.

(b)

At the end of each fiscal year, the finance department designee shall be responsible for a physical inventory of all fixed assets which shall include a listing of the date of acquisition and purchase price of each fixed asset.

(c)

Upon acquisition, each fixed asset shall be assigned an inventory identification number which shall be mounted or inscribed upon the fixed asset.

(d)

Upon completion of the inventory, the finance department designee shall certify the inventory as to its correctness.

(e)

The city finance director shall, with the consent of the city manager, establish standards including a uniform classification system of fixed assets and promulgate regulations concerning the system of inventory accounting for chattels and equipment required, which are fixed assets. Using departments are responsible for the maintenance of the inventory of fixed assets located in their department pursuant to the regulations promulgated in accordance with this paragraph.

(Ord. No. 1185, § 29, 6-22-04; Ord. No. 1273, § 16, 6-13-06; Ord. No. 1304, § 8, 7-24-07)