Legal Documents of Adams

A physical inventory of the city's fixed assets shall be taken annually. The goals of the annual inventory shall be as follows:

1. To identify unneeded and duplicate assets;
2. To provide a basis for insurance claims, if necessary;
3. To deter the incidence of theft and negligence;
4. To aid in the establishment of replacement schedules for equipment; and
5. To note transfers of surplus property.

To be classified as a fixed asset, an item must be tangible, have an expected life longer than the current fiscal year, and have a value of at least one hundred dollars ($100.00). Any property or equipment that meets this criteria shall be assigned an asset number (affixed with a property sticker), have a completed property card, and be inventoried annually. Such records shall be controlled and maintained by the city recorder. (Ord. #2016-001, March 2016)