(A) All town departments excluding the Utility Department shall classify capital expenditures as capital outlays within the fund from which the expenditure was made in accordance with the Chart of Accounts of the town. The cost of capital expenditures includes all expenditures necessary to place the asset into position and available for use. For purposes of recording fixed assets of the town and its departments, the valuation of assets shall be based on historical cost or, where the historical cost is indeterminable, by estimation for those assets in existence.
(B) In addition, a Fixed Asset Register shall be maintained in the office of the Clerk-Treasurer that will provide a detailed record of the capital assets and fixed assets of the governmental unit. The Clerk-Treasurer or his or her designee shall serve as the Fixed Asset Coordinator for the town.
(C) All departments of the town except the Utility Department shall designate at least one employee to monitor and manage the fixed assets of each department. This designee shall ensure that policies and procedures exist within each department for the safeguarding and accounting of assets. These responsibilities shall include:
(1) Proper identification of all assets;
(2) Proper reporting of assets on the approved asset inventory report;
(3) Utilization of the town approved asset tags on all equipment and machinery; and
(4) A minimum of semi-annual reconciliation of assets.
(Ord. 10-05-0_, passed - -)