Chapter 2.106
INVENTORY OF CITY PROPERTY
Sections:
2.106.030 Maintenance of records.
2.106.040 Accountability of department heads.
2.106.050 Annual inventory—Certification.
2.106.060 Rules and regulations.
2.106.010 Authority.
Accounting and financial reporting of general fixed assets is required by both the Budgeting, Accounting, Reporting System (BARS) Manual of the state of Washington, Auditor’s Office, and generally accepted accounting principles (GAAP) as promulgated by National Council of Governmental Accounting (NCGA) Statement 1, Governmental Accounting and Financial Reporting Principles. (Ord. 1024-84 § 1, 1984)
2.106.020 Applicability.
All fixed assets assigned to city departments with an estimated service life of more than one year and a value established by council shall be capitalized and inventoried. Council shall review and establish by resolution the threshold for the capitalization of fixed assets. This review shall occur upon the recommendation of the finance director but in no event less than once every five years. (Ord. 2490-00 § 1, 2000: Ord. 1024-84 § 2, 1984)
2.106.030 Maintenance of records.
The city’s finance department shall demonstrate good management by maintaining perpetual fixed asset records. (Ord. 1024-84 § 3, 1984)
2.106.040 Accountability of department heads.
The directors and department heads shall be accountable for all the city furniture and equipment in their departments. (Ord. 1024-84 § 4, 1984)
2.106.050 Annual inventory—Certification.
Once a year a complete inventory of all city property shall be conducted. The directors and department heads in each and every department of the city shall verify the inventory of all property belonging to the city in and under their control by certifying a document prepared by the finance department attesting to the location, status, disposition or condition of said inventory. The certification shall be signed by the director or department head that the report of fixed assets has been examined and found, to the best of his/her knowledge, to be true and correct. (Ord. 1024-84 § 5, 1984)
2.106.060 Rules and regulations.
The finance department is authorized to promulgate rules and regulations to effectuate inventory control and accountability along with necessary procedures to accomplish the intent of this chapter. (Ord. 1024-84 § 6, 1984)