10/22/01 Board of Public Works Minutes

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L .. . REGULAR MEETING ATTEST: Angela Jacob, Clerk OCTOBER 22, 2001 BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA s/Gary A. Gilot, President s/Carl P. Littrell, Member s/Donald E. Inks, Member ADOPT RESOLUTION NO. 61-2001 - AMENDING RESOLUTION NO. 18-990, ESTABLISHING VARIOUS ACCOUNTING AND INVENTORY POLICIES AND PRACTICES Upon a motion made by Mr. Inks, seconded by Mr. Littrell and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO. 61-2001 RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, AMENDING RESOLUTION NO. 18-1990, ESTABLISHING VARIOUS ACCOUNTING AND INVENTORY POLICIES AND PRACTICES WHEREAS, the State board of Accounts has recently completed its annual audit of the City of South Bend, Indiana, including an audit of the City's inventory of fixed and moveable assets; and WHEREAS, the institution and implementation of formal policies and practices concerning City inventories recommended by the State Board of Accounts will streamline and provide for the efficient completion of future City audits; and WHEREAS, the Board of Public Works, pursuant to I.C. 36-9-6-2 has supervisory control over property belonging to the City of South Bend, Indiana. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: That the City Controller of the City of South Bend, Indiana shall maintain a General Fixed Asset Group of Accounts which shall include all fixed and moveable assets, except infrastructure assets, of the City of South Bend that have a useful life of more than one year and a basis $5,000.00 or more. In addition, the City Controller or the departments of the City many maintain fixed asset inventories that include assets that do not meet the capitalization criteria of the General Fixed Asset Account Group, assets that are categorized as infrastructure assets, or insured fixed assets. 2. That for the purposes of maintaining a General Fixed Asset Group of Accounts the following definitions are provided: A. Basis - The basis of an asset is the original historical cost of the asset or the estimated original historical cost if the actual cost is unknown. For donated assets, the basis of the asset is the fair market value of the asset at the date of the donation of the asset. Ordinary and necessary repairs that do not extend the life or alter the asset by greater than 50% do not add to the basis of the asset for the purpose of capitalization in the General Fixed Asset Account Group. B. Infrastructure Assets - Infrastructure assets are public domain fixed assets such as roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, lighting systems and similar assets that are immovable and of value only to the governmental unit, including land improvements for City recreational properties. That all City departments are required to submit asset acquisition and disposal forms I 1