(A) For purposes of this section, the term FIXED ASSET shall mean tangible property acquired by the town which will not be consumed or converted into cash within the current accounting period in which the asset is obtained by the town.
(B) The Clerk-Treasurer shall maintain a log of all fixed assets with a purchase or replacement value of $5,000 or more at the time of acquisition. Such log shall include the acquisition value of the asset, the description of the asset, serial number (if applicable) of the asset, and the location or custodian of the asset.
(C) A complete inventory of all logged assets shall be taken every year to verify account balances and ensure control of the town’s fixed assets. All employees of the town shall cooperate with and assist the Clerk-Treasurer and the Town Manager in completing the inventory.
(D) Any fixed assets acquired prior to the date of this section of less than $5,000 that have not yet been logged on the town’s fixed asset log need not be logged following the date of the adoption of this section.
(Ord. 2012-11, passed 11-27-2012)