12.02 - Capital Asset & Surplus Property Policy

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Capital Assets Policy Page 2 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 AgencX — 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. Transfers. When transferring a capital asset from one department to another, it is the responsibility of the department losing the asset to complete a capital assets form and submit it to the City Clerk's Office. Betterments. Also known as "additions to" an asset already in the system which have the effect of extending the useful life of an existing asset and is an expenditure other than normal maintenance and upkeep. It is the responsibility of the department acquiring the "betterment" to complete a capital assets form and submit it to the City Clerk's Office.