10.06D Policy Revisions - Capital Assets & Surplus Property Policy

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Trailers 10 Truck Equipment 10 Vehicles Police Squads 5 Cars/Pickup Trucks 7 Plow/Dump Trucks 20 Fire Trucks 20 Vision Machine 5 Washing Machine 10 Water Equipment(major) 20 Water Equipment(minor) 5 Water Filter(at water plant) 20 Water Lines 40 Water Mains 40 Water Plant 40 Water Purchases—2001 20 Water Purchases—2002&2003 5 Workstations 7 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 Administration �'�*�� 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 Administration�'�Office is notified. Disposal of Property 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 Administration �'�*��Office. Sale of Propertv Capital assets and/or 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). Capital assets which are retired will be removed from the capital asset system by the Administration�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) 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. - 3 -