(A) Capital expenditures made by city departments will be made in compliance with the city's adopted guidelines established in the Public Purchase Policy.
(B) The department heads are to be responsible for filling out the forms and submitting them to the City Clerk-Treasurer. If items are transferred between departments, the department head of the department that the item is transferred from shall submit a completed transfer form.
(C) Adequately detailed records will be kept to assure accountability for city-owned assets.
(D) At least every two years recorded capital assets with costs of $5,000 or greater will be compared to a physical inventory of those assets and appropriate action will be taken to reconcile any differences. The physical inventory will include: asset description; year of acquisition; funding source; and original cost. If an item is disposed of the department head will fill out a disposal form. The City Clerk-Treasurer's bookkeeper will record the disposal on a disposal sheet and remove the item listing from current inventory. The salvage value of the disposed of item shall be recorded.
(E) If items are lost or stolen the responsible department head will be responsible for notifying the City Clerk-Treasurer's bookkeeper.
(Ord. 1-C-05, passed 2-22-05)