Agenda - Council - 11/25/2025 - Laserfiche WebLink

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Capital assets are recorded at historical cost. This should include any ancillary charges necessary to place the asset in its intended location and condition for use such as shipping, sales tax, and installation. Disposition: Capital Assets may be disposed of, in accordance with State guidelines, through the following methods: • Sold by a public auction or advertisement for bids • Exchanged or traded -in for a replacement • Retirement — recycled or placed in garbage (obsolete or broken items) • Salvage — the estimated worth of an asset at the end of its useful life • Donation Disposed assets will be retired from the capital asset system at original cost less accumulated depreciation. Gain or loss on disposal of capital assets shall be recognized in accordance with Generally Accepted Accounting Principles. Notification: Finance should be notified of all fixed asset changes. Examples of changes to be recorded include additions of fixed assets, deletions of fixed assets due to trade in, sale or retirement and transfers of fixed assets from one department to another such as the transfer of police vehicles to other departments. All items meeting the definition of a capital asset would have a general ledger object code starting with a 65X0( and included in the annual Capital Improvement Program. • Purchase of a new asset —_Include all relevant information with the payment request that is submitted to accounts payable including, but not limited to the serial number, make, model, year, etc.... • Donation of a new asset — Notify finance department as soon as the transaction takes place and include all the same information as if purchasing new, including an estimated value. • Transfers of assets between departments — Notify finance department as soon as transaction takes place and include key information to allow finance to identify asset to move. • Sale, trade, disposal or transfer of an existing asset — Notify the finance department with the applicable information as soon as the transaction occurs. The traded asset will be retired at its book value. (Original cost less accumulated depreciation). The cost of the new asset should include the cash paid in addition to the trade-in value. The Finance Department will be responsible for entering and maintaining all capital assets information in the Fixed Asset Accounting System. The Finance Department will also prepare the required year end statements regarding capital assets for the City's annual financial report. Departments are responsible for the proper use, care, and maintenance of city assets in their possession. It is the department's responsibility to maintain the equipment in a secure manner to minimize loss, damage, and unauthorized use.