Legal Documents of Baxter

Code of Baxter

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 3 Municipal Purchasing » § 5-321 Property control.
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Title 5
5-1
Title 5, Chapter 1
5-101
§ 5-101
Baxter
Title 5 : Municipal Finance and Taxation
Chapter 3 : Municipal Purchasing

5-321 : Property control.

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

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 thousand dollars ($1,000.00). Any property or equipment that meets this criteria shall be assigned an asset number, have a completed property card, and be inventoried annually. Such records shall be controlled and maintained by the city recorder. (2011 Code, § 5-322)