Ordinance 1024-84 - Laserfiche WebLink

• P/- 3 ORDINANCE NO. /420:24/— fV AN ORDINANCE establishing a uniform system for control and inventory of fixed assets for the City of Everett. WHEREAS, conformity with generally accepted accounting principles requires the custodial responsibility of accounting for fixed assets; and WHEREAS, good management of fixed assets is demonstrated by conducting an annual inventory; and WHEREAS, efficient management and control of City of Everett resources would be aided by the development and adoption of a standardized procedure for conducting said inventory; and WHEREAS, the development of this standardized inventory pro- cedure and process will allow for computerization and update of depreciated values by a standard formula based upon a depreciation schedule which has been standardized by the State of Washington; and WHEREAS, the City of Everett ' s adoption of inventory control and accountability procedures has been recommended by the State Examiner; NOW, THEREFORE, the City of Everett does ordain: Section 1 : 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. Section 2 : Value. All items assigned to the City departments with an estimated service life of more than one year and a value which shall be set and reviewed annually by Council shall be capitalized and inventoried. Section 3 : Good Management. The City' s Finance Department shall demonstrate good management by maintaining perpetual fixed asset records. Section 4 : Accountability. The directors and department heads shall be accountable for all the City furniture and equipment in their departments . Section 5 : Inventory of City Property. Once a year a complete inventory of all City property shall be conducted. The directors and department heads in each and every depart- ment 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.