To ensure best practices, the following capital assets responsibilities are in place:
(A) Capital investment planning. Departments should include estimates by asset type (street portion, streetscape portion, traffic signal or a roundabout portion and the like) of capital investment projects;
(B) Budgeting. Departments should strive to itemize capital asset acquisitions in their budget by asset type (land, building, equipment and the like);
(C) Tracking. Departments should maintain a list of their capital assets from acquisition to disposal. The preferred method of tracking is within a computer database. The list should include:
(1) Asset description;
(2) Asset identifier (address, parcel number, VIN, serial ID, tag number if applicable and the like);
(3) Date of acquisition;
(4) Asset cost or value when acquired;
(5) Estimated useful life; and
(6) Date of disposal (in the fiscal year the asset is disposed of, the asset would be removed from the list in the following fiscal year).
(D) Acquisitions. Acquisitions should strive to be shown by each asset (if ten vehicles meeting the capital asset criteria are purchased, there should be ten transactions with each having an asset identifier);
(E) Disposals. Report any assets deemed to be surplus and unneeded by the department so that proper transfer or disposal can proceed. Theft or loss of property should be reported immediately. A police report should be obtained on all losses suspected of being stolen;
(F) Reporting. At least quarterly, departments shall provide their lists to the Clerk-Treasurer’s office. All departments are required to prepare and maintain an annual inventory of all assets to the respective department. Departments directors are responsible for the inventories of their respective departments; and
(G) Review. At least annually, the Clerk-Treasurer’s office will spot-check capital assets. Depending on the capital asset, the Clerk-Treasurer will communicate with the County Assessor’s office as to taxation.
(Ord. 22-44, passed 10-24-2022)