2651 ORDINANCE NO, 2 S I
AN ORDINANCE ADOPTING THE CITY OF WEST MEMPHIS FIXED
ASSET POLICIES AND PROCEDURES, AND FOR OTHER PURPOSES.
BE IT HEREBY ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WEST MEMPHIS, ARKANSAS:
SECTION 1: There is hereby adopted by the City Council of the City of West Memphis,
Arkansas pursuant to the A.C.A. § 14-59-107, which provides for the adoption of a policy
defining fixed assets, the City of West Memphis Fixed Asset Policies and Procedures. Attached
to this ordinance is a copy of the Fixed Assets Policies and Procedures.
SECTION 2: All ordinances or parts of ordinances in conflict herewith are hereby
repealed.
PASSED AND APPROVED this 2 day of 41/6'Ilier' 2023.
MA CO M. McCLENDON, Mayor
ATTEST:
PATRICIA BOYD J LIN, CityClerk
SPONSORED BY:
RECEIVED
Ci,� /.off/
ORDINANCE NO.
AN ORDINANCE ADOPTING THE CITY OF WEST MEMPHIS
FIXED ASSET POLICIES AND PROCEDURES, AND FOR OTHER
PURPOSES.
BE IT HEREBY ORDAINED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS:
SECTION 1: There is hereby adopted by the City Council of the City of West
remaiS feY
Memphis, Arkansas pursuant to the A.C.A. § 14-59-107, which alevi,s adoption of a
policy defining fixed assets, the City of West Memphis Fixed Asset Policies and
a .)
Procedures. A� aih a,d� .� .��„ �✓��,ti„w �c � Gt `1'�
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SECTION 2: All ordinances or parts of ordinances in conflict herewith are fi -
hereby repealed. I14
f(V+`1l
PASSED AND APPROVED this day of , 2023.
MARCO M. McCLENDON, Mayor
ATTEST:
PATRICIA BOYD JOPLIN, City Clerk
SPONSORED BY:
CITY OF WEST MEMPHIS
FIXED ASSET POLICIES AND PROCEDURES
PURPOSE
This policy is established to provide guidelines to ensure adequate stewardship
over City resources through control and accountability of capital assets, and to
collect and maintain complete and accurate capital assets information required for
preparation of financial statements in accordance with generally accepted
accounting principles. -
DEFINITIONS
"Assets" - All land, buildings, improvements, infrastructure, equipment purchased,
donated, constructed, or acquired by the city.
"Capital Assets" —Land of any value; improvements and infrastructure; buildings;
equipment, machinery, motor vehicles, and tools, with a value of$10,000 or more
and having a useful life exceeding one year from the date of acquisition.
CAPITALIZATION LIMIT
All assets acquired or constructed with a cost of$10,000 or more and a useful
life expectancy greater than one year per individual item will be entered into the
fixed asset system. Costs for self-constructed assets will be based on all expenses
associated with construction. Donated fixed assets will be recorded at estimated
fair market value at the time received.
ASSET LISTING
To be compliant with ACA 14-59-107, When recording a new asset, it shall
contain as a minimum:
1. Property item/unit number
2. Brief description of purchase
3. Serial number
4. Date of acquisition
5. Cost of purchase
TRANSFERS AND DISPOSALS
All assets transferred to another department or disposed of, must be approved
by Finance or Purchasing Department. The department the asset is moving from
will be responsible for initiating the complete documentation. All changes will be
recorded on the Fixed Asset records/listings. Asset Request form is attached to this
policy. Once the form has been approved and accepted, any changes or transfers
will be reflected on the listing.
INVENTORY AUDIT
At least once per year, the departmental inventory listing will be sent out to
departments for their review. Any changes or adjustments must be reported to the
Finance or Purchasing Department before the end of the year.
City of West Memphis
Asset Addition Request
Date:
Adding:
Asset/Unit#
Asset Description
Serial#
QTY.
Acquisition Date
Cost
Department
Department Head
Added by:
Approved by:
MIRO
City of West Memphis.
Asset Change/Transfer/Retirement Request
Date:
CHANGE
Asset/Unit#
Reason for change
Change Description:
Asset Description
Serial#
QTY.
Acquisition Date
Cost
Department
Transfer:
Sending Department:
Asset/Unit#
Serial#
Asset Description
Acquisition Date
Cost
Receiving Deparment:
Disposal
Department
Asset/Unit#
Reason for disposal
Sending Department Head
Receiving Department Head
Disposing Department Head
Approved
Not Approved •
Approved/Denied by: