(A) The definition of PERSONAL PROPERTY can include numerous supply type items, but can exclude such necessary and valuable items such as shop tool sets, floor jacks, and the like.
(B) All items of city property meeting the definition in division (A) above, and those additional items over which it is desirable to keep control, as determined by the Finance Officer, be considered and accounted for as public personal property requiring inventory.
(C) The city officers and employees shall prepare and file an annual inventory of public personal property in their custody or charge and shall file the same with the Finance Officer each January 1, or within ten days thereafter. Said inventory be divided to show those components defined as supply items, and those deemed in division (D) below as fixed asset items, together with the “cost” of each item.
(D) In addition to the public personal property inventory, the Finance Officer shall complete and maintain a fixed asset inventory record for those fixed assets defined as follows: A FIXED ASSET is that which has a tangible nature, has a useful life of more than one year, has an acquisition value as follows:
Buildings, structures, and land improvements | $5,000 |
Furniture and equipment | $300 |
Land | Any amount |
Machinery and automotive equipment | $4,000 |
Other assets, as determined by the Finance Officer, over which it is desirable to maintain control, but which may not meet the minimum values defined above. Also, a fixed asset should not lose its identity by being incorporated into a larger unit. | - |
(Res. 98-03-02, passed 3-9-1998)