Loading...
A physical inventory of all capital assets (any item over $5,000) will be conducted in each department on or about December 31 of every year. The City Clerk-Treasurer's office will conduct spot checks on a random basis. Department heads will be accountable for the capital asset inventory charged to their departments by verifying a list of their capital assets at year-end.
(Ord. 05-01, passed - -; Ord. 2018-12, passed 8-13-2018)
The Fiscal Officer will ensure that accounting for capital assets is being exercised by establishing a capital asset inventory, both initially and periodically in subsequent years. The Fiscal Officer will further ensure that the capital asset report will be updated annually to reflect additions, retirements, and transfers and to reflect the new, annual capital asset balance for financial reporting purposes and the annual and accumulated depreciation calculation.
(Ord. 05-01, passed - -; Ord. 2018-12, passed 8-13-2018)
(A) It is the responsibility of the department head to act as or designate a steward for each piece of property. The steward will become the focal point for questions regarding the availability, condition, and usage of the asset, as well as the contact during the physical inventory process.
(B) The steward shall be designated as the person to record the receipt of the asset, to examine the asset to make sure that no damage was incurred during shipment and to make sure that the asset was received in working order.
(C) The steward is also responsible for arranging for the necessary preventative maintenance and any needed repairs to keep the asset in working condition. It is necessary to have a responsible person available for questions that arise during a physical inventory or when someone wants to borrow the asset. The steward ensures that the asset is used for the purpose for which it was acquired and that there is no personal or unauthorized use. In addition, the steward should report any property damage or theft.
(Ord. 05-01, passed - -; Ord. 2018-12, passed 8-13-2018)
FUNDS
(A) Established. The Common Council as the legislative body of the city establishes a municipal Cumulative Capital Development Fund.
(B) Ad valorem property tax levy. An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the City Cumulative Capital Development Fund.
(C) Use of accumulated funds. The funds accumulated in the City Cumulative Capital Development Fund will be used for capital improvements as described in I.C. 36-8-14 (cumulative firefighting building, equipment, police radio fund); I.C. 36-9-16-2 (cumulative building funds); I.C. 36-9-16-3 (cumulative capital improvement fund); I.C. 36-9-16-5 (cumulative street fund); I.C. 36-9-17 (general improvement fund); I.C. 36-9-26 (cumulative building fund-sewers); and I.C. 36-9-27-100 (cumulative drainage fund); and any other purpose authorized by statue for capital improvements.
(D) Emergency uses of Fund. Notwithstanding division (C) above, funds accumulated in the city Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) if the purpose is to protect the public health, welfare or safety in an emergency situation which demands immediate action. Money may be spent under the authority of this section only after the Mayor of the city issues a declaration that the public health, welfare or safety is in immediate danger that requires this expenditure of money in the fund.
(E) Effective date of Fund and tax. This Fund takes effect upon approval of the State Board of Tax Commissioners.
(Prior Code, § 2-1)
Loading...