A physical inventory of the city's fixed assets must be taken bi-annually. A system of fixed asset records provides a simple method of positive identification for each piece of equipment. To be classified as a fixed asset, an item must:
(a) Be tangible.
(b) Have a useful life of two (2) or more years.
(c) Have a cost or fair value of:
a. $500.00 for individual items
b. $500.00 for individual like items with a value of less than $500.00, but when combined the values equal or exceed $500.00.
c. $100.00 for items used to improve or extend the life of an existing fixed asset.
Any property that meets these criteria shall be assigned an asset number, have a property record entered into the fixed asset system, and be inventoried bi-annually. Such records shall be controlled and maintained by the finance director.