All assets meeting the definition of a fixed asset shall be considered a long-term asset and shall be recorded in the City Clerk-Treasurer’s office. All departments are responsible to account for and report all long-term assets. Such assets shall be systematically and accurately recorded; properly classified; and adequately documented for reporting purposes. Each department shall establish an internal control structure over capital (fixed) assets, providing reasonable assurance of effective and efficient operations, reliable financial reporting and compliance with applicable laws and regulations.
(Ord. 22-44, passed 10-24-2022)