(A) Each department head shall file a fixed asset report with the Town Clerk-Treasurer no earlier than January 1 of each calendar year and no later than January 20 of each calendar year. The fixed asset report shall include motor vehicles, machinery, equipment and any other fixed asset with an estimated value of $5,000 or more. The list shall include the following information:
(1) Description of asset;
(2) Date of acquisition;
(3) Estimated life expectancy; and
(4) Estimated value.
(B) The Town Clerk-Treasurer shall file a fixed asset report which includes all parcels of real estate together with improvements owned by the Town in addition to other fixed assets within the Clerk- Treasurer’s office.
(C) (1) Each department head shall file an inventory report no earlier than January 1 of each calendar year and no later than January 20 of each calendar year listing all items of inventory which have a value of $1,000 or more.
(2) Inventory would include supplies and parts available for use.
(D) The fixed asset report and inventory report shall be as of December 31 of the preceding year.
(E) The Clerk-Treasurer shall make copies of the submitted fixed asset reports and inventory reports for distribution to members of the Town Council before the first scheduled Town Council meeting in February of each calendar year.
(F) From one year’s report to the next year’s report, all new assets should be specifically noted and any deleted or non-existing assets should be specifically noted with an explanation for their disposition.
(Ord. 2008-1, passed 3-17-2008)