(A) The Controller’s Office shall ensure that appropriate accounting for capital assets is being exercised by establishing a capital asset inventory and updating it each year. Each annual update shall reflect all improvements, additions, retirements, and transfers that occurred during the year. The update also shall ensure that the annual calculation of depreciation expense is adjusted accordingly.
(B) Day-to-day stewardship of personal property above the capitalization threshold of $25,000 is the responsibility of the department utilizing the property.
(C) To allow for the annual updating of the capital asset records, the departments are responsible to report information on improvements, additions, retirements, and transfers in detail to the Controller. It is expected that this reporting will be made promptly, as the capital asset record must be updated annually (in essence, the Controller’s Office will record all additions and the departments will determine all retirements and transfers).
(D) In summary, additions of assets at or above the unit capitalization threshold of $25,000 are to be reported to the Controller’s Office by the departments upon purchase or receipt of the asset. These will be verified per the purchasing process by the Controller’s Office. Transfers and retirements of assets at or above the $25,000 unit threshold are to be reported as such by the departments to the Controller’s Office at the time of the transaction.
(Ord. 21-0055, passed 8-11-2021; Ord. 22-0027, passed 5-11-2022)