Legal Documents of Mountain City

Code of Mountain City

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 5 Purchasing » § 5-522 Property control.
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5
Title 5
5-1
Title 5, Chapter 1
5-101
§ 5-101
Mountain City
Title 5 : Municipal Finance and Taxation
Chapter 5 : Purchasing

5-522 : 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 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.
  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 five hundred dollars ($500.00). Any property or equipment that meets this criteria shall be assigned an asset number (affixed with a property sticker, if product surface allows), have a completed property card, and be inventoried annually. Such records shall be controlled and maintained by the city recorder. (Ord. #1821, June 2023)