09.03 Capital Assets Policy - Laserfiche WebLink

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i Adopted 2/7/2006 CITY OF PEQUOT LAKES CAPITAL ASSETS POLICY Retirements The term retirement is used to describe the removal of a capital asset from the capital asset system. The various types of retirement as defined below must be reported to the City Clerk's Office to ensure that changes are entered into the system and that the master file is updated. The department in charge of the retired asset is responsible for making sure the Clerk's Office is notified. Disposal of Capital Asset. Property which is operable,but no longer useable to a particular department may be disposed if the surplus property cannot be transferred or sold. The property will be disposed of by Maintenance. A capital assets form must be completed and submitted to the City Clerk's Office. Sale of a Capital Asset. Capital assets and/or non-expendable supplies,which are to be sold, are subject to the requirements described in Minnesota State Statute (SS 471.345, subd. 17). Items which are sold will be retired from the capital asset system by the Clerk's Office. 1) Public Sale—A notice of public sale shall be published in the official newspaper stating that the City is accepting sealed offers on the capital asset. The notice shall be published in the newspaper at least ten(10) days prior to the close of offers. The asset shall be sold to the party who presents the highest cash offer under the stipulated terms. The City shall have the right to reject all offers. A capital assets form must be completed and submitted to the City Clerk's Office. 2) To Another Government A eg ncy—Surplus property or non-expendable supplies may be sold to a government agency without going through the public sale process if approved by the City Council. A capital assets form must be completed and submitted to the City Clerk's Office. Trade-Ins. Retiring a capital asset as a trade-in for a new acquisition will require a capital assets form to be completed and submitted to the City Clerk's Office. Lost, Stolen or Damaged Beyond Repair. When a capital asset or non-expendable supply is retired from the capital asset system through one of these unexpected methods, the incident will be reported to the appropriate law enforcement personnel (if applicable) and a capital assets form must be completed and submitted to the City Clerk's Office.