(A) A physical inventory of capitol assets will be conducted by each department head as near as practical to year-end. The Clerk-Treasurer will provide a list of the inventory on file which will be sent to each department before year-end.
(B) (1) Department heads will compare physical observations of assets to the listing noting whether the asset exists, the location if not apparent otherwise and any other relevant factors.
(2) If the condition of an asset has deteriorated to the point its useful life has been impaired, that fact shall be noted.
(C) Assets which are observed during the physical inventory which are not on the inventory list shall be noted. Omission of assets included on the inventory list provided shall also be noted, and the reasons for such omissions shall be documented to the extent possible.
(D) Department heads will be accountable for the capitol asset inventory charged to their department. The physical inventory sheet and related documentation will be forwarded to the Clerk-Treasurer when requested.
(E) The Clerk-Treasurer will compare the results of the physical inventory to the capitol asset records and make necessary adjustments to the capitol assets.
(Am. Ord. 2, 2005, passed 12-12-2022)