Laserfiche WebLink
CITY OF LINO LAKES <br />GENERAL FIXED ASSET POLICY AND PROCEDURES <br />A. PURPOSE: <br />The objective of this policy is to establish and maintain a fixed asset system. The City <br />shall assign responsibility for the custody and control of it's property. The system <br />shall incorporate proper accounting procedures according to generally acceptable <br />accounting principals. Department Heads will be responsible for the notification of <br />purchase, deletion or transfer to Finance. The inventory should be taken annually to <br />prove accountability. <br />B. DEFINITIONS: <br />Asset Life: <br />Asset Value: <br />Automobiles: <br />Building: <br />Fixed Asset: <br />Furniture: <br />Improvements: <br />Land: <br />Consideration of a fixed asset inventory item must set the life at <br />greater than one year. <br />Value for inclusion of an item shall be set at $500 (current <br />insurance deductible). Other fixed assets below this amount shall <br />be tagged and included in the inventory without a value. <br />4 wheel vehicle used mainly for passenger transportation. <br />A City owned roofed and walled structure. <br />An item that has a useful life that exceeds one year and is valued <br />at $500 and above. <br />Equipment used to ready a facility for occupancy. ie chairs, <br />desks, credenzas, file cabinets etc. <br />Additions or new construction to improve the infrastructure of the <br />City. This category includes water and sewer mains, pumphouses, <br />lift stations, wells and water towers. <br />Any City owned land whether developed or undeveloped. <br />Machinery: Mobile construction and maintenance equipment. <br />