Financial Policy Handbook 2017

6. The Finance Department will periodically select assets at random from the ledger to be inspected and will periodically select assets from a department to trace in order to ensure the accuracy and completeness of the ledger. SECTION 2 - PROCEDURES 1. Fixed assets should be acquired in accordance with the City’s purchasing policies and the following steps: a. The department making the purchase should complete a Vehicle/Equipment Record form which should include the model number, serial number, manufacturer, and any other information such as color, size, weight, etc. that will help identify the asset. The form should be submitted to the designated fixed asset manager in the Finance Department. b. After receiving the proper paperwork, the Finance Department will assign a budget code to the asset which will direct where the asset’s operating expenses will be charged. For assets that require insurance coverage, the Finance Department will make arrangements for coverage to be started prior to placing the asset into service. c. For vehicles, equipment, and other assets that are maintained through the Central Garage, the asset should be directed to the Central Garage prior to being placed into service for numbering, decals and lettering, and other field preparation work. The Central Garage will assign the asset a vehicle/equipment number. d. For assets that require title recording, license plates, copies of the acquisition paperwork along with the title transfer documents and other relevant documentation should be forwarded to the City Clerk’s office prior to placing the asset into service. 2. The disposal of all fixed assets should be conducted in accordance with City policies, and the Code of Iowa. For detailed steps on disposing of property, please refer to the City’s Surplus Property Disposal Policy . 3. Asset transfers between department should be conducted using the steps outlined in the City’s Surplus Property Disposal Policy.