Chapter 2.14 INVENTORY

Chapter 2.14
INVENTORY

Sections:

2.14.010 Accounting for fixed assets – Report required.

2.14.020 Assets required to be reported.

2.14.030 Recordkeeping requirements – Effect of chapter.

2.14.010 Accounting for fixed assets – Report required.

The city manager shall cause an annual report to be presented to the city council showing an inventory of the fixed assets of the city each year as of the beginning of the fiscal year. The report shall be presented prior to the first day in January of the fiscal year. The fixed assets to be reported and carried on the inventory shall be restricted to those defined in PGMC 2.14.020. [Ord. 909 N.S. § 1, 1976; Ord. 526 N.S., 1956; Ord. 210 N.S. § 8-3180].

2.14.020 Assets required to be reported.

Such of the following as have a useful life of at least three years shall be carried, reported and valued on the inventory required by PGMC 2.14.010:

(a) Real property held in fee title by the city, other than structures and improvements thereon and other than land currently used for street and road purposes;

(b) Any structures or improvements upon land which have a value of $2,500 or more, except for appurtenances to streets and roads;

(c) Fixtures which are attached to structures, which are not intended to be removed and which have a value of $2,500 or more;

(d) Each item of equipment, such as furniture, machines, tools and vehicles constituting movable personal property having a value of $2,500 or more;

(e) Any replacement of any unit of a structure or improvement to real property which results in an improvement of at least $1,000 or 20 percent of the recorded value of the asset, whichever is lower;

(f) Any replacement of any unit of any equipment which results in an improvement of at least $2,500 of its recorded value;

(g) Real property held in fee title by the city upon vacation of any street or road. [Ord. 02-27 § 1, 2002; Ord. 1239 N.S. § 1, 1981; Ord. 909 N.S. § 1, 1976].

2.14.030 Recordkeeping requirements – Effect of chapter.

Nothing contained in this chapter is intended to be in lieu of the maintenance of records of acquisition or disposal of city property or is intended to relieve any person from accountability in respect of the use or disposition of city property. Nor shall any provision of this chapter prevent the city council from prescribing from time to time the submission of more detailed reports or special reports regarding the city’s property. [Ord. 909 N.S. § 1, 1976].

2.14.040 Review and audit required.

The city manager shall cause the values assigned to the inventory to be reviewed from time to time and appraised or audited so that the same will reasonably reflect the market value of the items in the inventory. Books, libraries and sets of books shall not be carried on such inventory. [Ord. 909 N.S. § 1, 1976].

2.14.050 Interpretation of chapter.

This chapter shall be deemed the prescription for an inventory as required by Article 38 of the charter of the city of Pacific Grove. [Ord. 909 N.S. § 1, 1976].