§ 14-59-107. Fixed asset records

(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.

(b)

1. (1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality.

2. (2) The listing shall be totaled by category with a total for all categories.

3. (3) The categories of fixed assets shall include the major types, such as:

   1. (A) Land;

   2. (B) Buildings;

   3. (C) Motor vehicles, by department;

   4. (D) Equipment, by department; and

   5. (E) Other assets.

(c) The listing shall contain as a minimum:

1. (1) Property item number, if used by the municipality;

2. (2) Brief description;

3. (3) Serial number, if available;

4. (4) Date of acquisition; and

5. (5) Cost of property.