(a) The Mayor and Fiscal Officer of the Village are hereby authorized to institute a perpetual inventory system for the purposes of controlling the personal property owned by the Village.
(b) Said system shall provide for a permanent identifying number for each item of personal property.
(c) The Village shall prepare an up-to-date listing of all Village owned property and equipment, and that such listing should, when possible, contain the following information:
(1) Major asset class;
(2) Reference to acquisition source document;
(3) Acquisition date;
(4) Vendor information;
(5) Brief description;
(6) Department charged with custody;
(7) Location;
(8) Fund from which purchased;
(9) Method of acquisition;
(10) Estimated useful life; and
(11) Information relating to disposition.
(d) As items are purchased, sold or otherwise disposed of, the inventory lists as prepared should be updated as soon as possible to reflect such acquisition or disposal.
(Ord. 342-1991. Passed 11-11-91.)