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2023.01.24 CC Packet
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2023.01.24 CC Packet
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14 <br /> <br />uncompleted buildings or structures or <br />capital improvement construction projects. <br /> <br />Capital Asset Forms <br />The capital asset forms include asset acquisition and/or disposition and transfer information. The <br />information required on these forms is necessary to update the capital asset database. For guidance in <br />the flow of information, please refer to attachment A Capital Asset Procedures. Attachments B & C are <br />copies of the Capital Asset Forms. <br />User Department Responsibilities <br />The user department is the department that purchases, controls, and uses an asset. This department is <br />responsible for notifying the Finance Department, in a timely manner, of purchases, transfers, retirements <br />and betterments of an asset. The capital asset form is the vehicle through which notification will be <br />made. <br />In general, user departments carefully analyze asset needs in order to expend budgeted amounts wisely. <br />The user department is responsible for obtaining the best price available and securing and controlling the <br />capital asset use. All purchases should follow the guidelines found in the Purchasing Policy. <br />The user department is responsible for notifying the Finance Department within two weeks of any asset <br />acquisition, disposal, transfer, or betterment. <br />1) Acquisition – The user department is responsible for completing the department’s portion of the capital <br />asset form and submitting it to the Finance along with the purchase order, a copy of the Council approval, <br />and invoice for payment. This will be used as documentation for recording the capital asset. <br />2) Disposal – The capital asset form provides a section where disposal information can be recorded. The <br />City Manager must review all dispositions before they occur. The user department is responsible for <br />notifying the Finance Department of the date, method, and any proceeds from disposal. <br />3) Transfers – The capital asset form provides a section where transfer information can be recorded. The <br />department that transfers the asset is responsible for notifying the Finance Department of the asset <br />transferred and the new and old locations. <br />4) Betterments – Finance should be notified of any costs that materially add to the value of an asset or <br />potentially and substantially prolong its life. <br />Finance Department Responsibility <br />The Finance Department is responsible for maintaining the capital asset system, preparing necessary <br />financial statements and note disclosures, providing audit work papers and back‐up documents, and <br />conducting internal accounting procedures. <br />1) Capital Asset System Maintenance – All systems require maintenance in order to produce accurate and <br />timely information. System maintenance for the capital asset system includes inputting information from <br />the capital asset form to the capital asset subsystem, reconciling the general ledger to capital asset <br />additions reports and removing retired assets from the general, internal service, and proprietary funds. <br />2) Annual Financial Reporting – The Finance Department is responsible for preparing the required <br />statements and disclosures regarding capital assets which must be included in the City’s annual financial <br />report. <br />3) Internal Accounting Controls – Proper internal accounting controls over capital assets require periodic <br />counts and comparisons to existing subsystem records in order to determine if recorded assets still exist
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