Initial Inventory

The next step in establishing the CAAS is to complete a physical inventory and prepare the initial capital asset records. Make every effort to identify and record all capital assets owned by the city.

The chief administrative officer should notify department heads and other responsible agencies that capital asset controls have been established and identify the person responsible for maintaining the records. Each department should designate a person to assist with the inventory and provide information about the department's capital assets. Depending on the size of the city, a formal meeting with department heads may be helpful to explain the inventory process and responsibilities.