Capital assets no longer owned or in possession of the city shall be removed from the capital asset records. There are three reasons for an asset reduction.
(A) Sold and/or retired. These assets will be removed from the capital asset records upon formal notification from the responsible part of such disposition. City policy regained the sale/disposal of surplus equipment will be followed.
(B) Transferred assets. Assets that are transferred to proprietary (business-type) funds will be accounted for separately from the governmental activities of the city and will be removed from the capital asset records (about governmental activities) upon transfer to a proprietary fund (i.e., the asset will be accounted for in the proprietary fund).
(C) Missing. Assets not seen for two consecutive annual periods will be classified as missing and will be removed from the capital asset records upon formal notification. These assets no longer will be searched for in regular annual inventories. However, if an asset is located at some time in the future, it will be reactivated in the system.
(Ord. 22-44, passed 10-24-2022)