(A) Assets with a useful life of more than one year shall be classified as fixed assets of the village according to the following tiered schedule:
(1) Furniture and equipment with a value equal to or greater than $15,000;
(2) Vehicles with a value equal to or greater than $25,000;
(3) Buildings, roads, streets, drainage systems and infrastructure with a value equal to or greater than $100,000; and
(4) Public domain general fixed assets consisting of improvements other than buildings, including curbs, gutters, street signs, inventories, supplies, sidewalks, landscaping, and lighting systems are not capitalized.
(B) Several times during the year, the Finance Department records fixed assets purchased based on requisitions and purchase orders charged against capital outlay accounts. Each asset is assigned to the department holding the asset. The following information is recorded for each asset:
(1) Description;
(2) Type;
(3) Assigned location;
(4) Acquisition date;
(5) P.O. number, serial number, model number, and the like;
(6) Vendor;
(7) Fund, department, division;
(8) Acquisition cost;
(9) Date, method, and authorization of disposal.
(Ord. 02-48, passed 11-13-02; Am. Ord. 9-6, passed 3-25-09; Am. Ord. 12-47, passed 12-19-12)