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§ 14-237-108. Fixed asset records

AR Code § 14-237-108 (2018) (N/A)
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(a)

(1) Each water and sewer department's governing body shall adopt a policy defining fixed assets.

(2) At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.

(b)

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

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

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

(A) Land;

(B) Buildings;

(C) Motor vehicles;

(D) Equipment; and

(E) Other.

(c) For each fixed asset, the listing shall contain, as a minimum:

(1) Property item number if used by the department;

(2) Brief description;

(3) Serial number, if available;

(4) Date of acquisition; and

(5) Cost of property.

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