(A) Retirements apply to all capital assets, including land, improvements to land, buildings, furnishings and equipment, vehicles and general infrastructure.
(B) When an asset is disposed of, scrapped, sold, subject to demolition and the like, it is to be removed from the property record, and the appropriate reduction shall be made to the asset value, accumulated depreciation and net book value amounts.
(C) Retirements shall reflect the originally recorded value of the capital asset when the amount is ascertainable. When the originally recorded value of the capital asset is not ascertainable, an estimate of that amount (typically historical cost) shall be made.
(Ord. 2020-02, passed 8-3-2020)