At the end of the fiscal year, the Finance Department generates asset registers, which list each asset assigned to a department both active and disposed. Totals are provided by asset type and at the fund level. All assets except enterprise fund assets and proprietary fund assets are grouped together in the general fixed asset account group and are not depreciated. Fixed assets in the enterprise and proprietary fund must be segregated and depreciation for these assets is calculated and expended in the appropriate funds. Annually an entry is made to record the amount of depreciation expense as well as adjust accumulated depreciation. These adjustments are carried forward to the general ledger account balances as shown in the annual financial report.
(Ord. 02-48, passed 11-13-02)