12.02 - Capital Asset & Surplus Property Policy

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R CITY OF PEQUOT LAKES Adopted 2/7/2006 Amended 9/6/2011 CAPITAL ASSETS AND SURPLUS PROPERTY POLICY Capital Asset A capital asset is any item or property that has a value of 52.500 or more. All other items or property is considered surplus property. 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 Property 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. . If the property is considered a capital asset. a capital assets form must be completed and submitted to the City Clerk's Office. Sale of Property a Capital Asse . Capital assets and/or nen expendable supplies surplus property, which are to be sold, are subject to the requirements described in Minnesota State Statute (SS 15.054 and 471.345, subd. 17). ltefns Capital assets which are sew retired will be retired removed from the capital asset system by the Clerk's Office. 1) Public Sale — A notice of public sale shall be listed in one of the following ways. a) As a published notice in the official newspaper stating that the City is accepting sealed offers on the capital asset or surplus property. The notice shall be published in the newspaper at least ten (10) days prior to the close of offers. b) Adfninistr-afien web site. This nefiee shall be listed at least ten (10) deys Through an electronic selling process in which purchasers compete to purchase the surplus supplies. materials or equipment at the highest purchase price in an open and interactive environment_