A physical inventory of capital assets will be conducted by each department as near as practical to year-end. The Clerk-Treasurer will provide a list of the inventory on file which will be sent to each department before each year-end. The department heads will then compare physical observations of assets to the listing noting whether the assets exist, the location if not apparent otherwise, and other relevant factors. If the condition of an asset has deteriorated to the point its useful life has been impaired, that fact should be noted. Assets which are observed during the physical inventory which are not on the inventory list should be noted. Omission of assets included on the inventory list should also be noted, and the reasons for such omissions should be documented to the extent possible. Department heads will be accountable for the capital asset inventory charged to their department. The physical inventory sheet and related documentation will be forwarded to the Clerk-Treasurer who will compare the results of the physical inventory to the capital asset records and make necessary adjustments to the capital assets.
(Res. 2021-04, passed 4-26-21)