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(a) The Finance Department shall maintain a perpetual fixed asset inventory and accounting system for the following assets owned by the City:
(1) All land, improvements, and buildings;
(2) All machinery, tools, vehicles, and equipment with a cost of ten thousand dollars ($10,000) or more and an estimated useful life of more than one year and all infrastructure, including but not limited to water, sanitary and storm sewer, bridges, roads, culverts, breakwalls, and street lighting for the 2012 Annual Financial Report and the 2012 Audit and thereafter.
(b) The system shall include information sufficient to prepare financial statements in accordance with generally accepted accounting principles.
(c) Subsidiary records of detailed information for the assets in the system shall be maintained in each department, as deemed necessary by the Director of Finance.
(d) Annually, on or before December 1, the Director will provide each department with a listing of its assets in the system. Within thirty days after receipt, each department head will inform the Director of additions and disposals not recorded, or other corrections required for the information listed. Copies of corrected listings shall be provided by the Director to the department heads.
(e) In addition to the fixed assets inventory and accounting system, the Finance Department will compile and retain separate purchase records for buildings, vehicles, machinery, tools and equipment with a cost equal to or more than five thousand dollars ($5,000) but less than nine thousand, nine hundred and ninety nine dollars, and ninety nine cents ($9,999.99) and an estimated useful life of more than one year.
(f) An annual inventory of consumable supplies and repair or replacement parts in each department shall be taken under the direction of the Director of Finance. It will include items with a cost of one hundred dollars ($100.00) or more.
(g) All department heads shall provide an accounting, on forms prescribed by the Director, of all moneys received or disbursed by his or her department. Such funds shall be subject to an audit which may be made by the Director, and the results thereof shall be reported to the Mayor and the Finance Committee.
(Ord. 114-88. Passed 6-27-88; Ord. 110-2013. Passed 7-8-13; Ord. 115-2013. Passed 8-26-13.)