Legal Documents of Baneberry

A physical inventory of the city's fixed assets must be taken annually.

A system of fixed asset records provides a simple method of positive identification for each piece of equipment and:

1. Prevents the purchase of unneeded and duplicate assets;
2. Provides a basis for insurance claims;
3. Reduces theft and negligence of equipment;
4. Establishes replacement schedules for equipment; and
5. Records transfers and/or disposals of surplus property to be classified as a fixed asset, an item must:
   1. Be tangible;
   2. Have a life longer than the current year, and
   3. Have a value over one hundred dollars ($100.00).

Any property and equipment that meets these criteria must have an asset number (affixed with a property sticker), a property card, and be inventoried annually. Such records shall be controlled and maintained by the city manager. (Ord. #216-2, March 2016)