HomeMy Public PortalAboutResolution #2008-06, A Resolution Adopting A Policy For The Inventory Of City Property RESOLUTION#2008-06
A RESOLUTION ADOPTING A POLICY FOR THE INVENTORY OF CITY
PROPERTY
WHEREAS,the City has determined that in order to facilitate the proper insurance,maintenance
and safeguarding of property and equipment, a historical cost record of City property should be
established and maintained;
WHEREAS,the City finds that it is in the best interests of the community to obtain a detailed
inventory of all City personal property (the "Inventory");
WHEREAS,the City has commissioned Anderson, Lower, Whitlow, P.C. (the"Accounting
Firm"),to prepare specifications, cost estimates, and recommend a policy for the Inventory;
WHEREAS, as recommended by the Accounting Firm,the City finds that property covered by
the Inventory should be depreciated over its estimated useful life using the straight-line
depreciation method;
WHEREAS, as recommended by the Accounting Firm,the City finds that only personal property
with a value greater than One Thousand Dollars ($1,000.00) shall be included on the Inventory;
WHEREAS,the City finds that the Inventory shall be updated as authorized by the City Council;
WHEREAS,together with this Resolution,the City Council is considering Resolution 2008-07, a
resolution making certain portion of the Inventory confidential pursuant to Iowa Code Section
22.7(50)and adopting an inventory redaction policy.
NOW,THEREFORE,BE IT RESOLVED, by the City Council of the City of Riverdale, Iowa,
that an inventory of City property be conducted and maintained pursuant to the recommendations
of Anderson, Lower, Whitlow, P.C., as follows:
1. Preparation of a listing of all City personal property by the City with a value greater than
one thousand dollars ($1,000.00);
2. Utilization of the straight-line depreciation method for depreciation of the above property
over its useful life; and
3. Retention of Anderson, Lower, Whitlow, P.C. to perform the above procedures pursuant
to their engagement letter dated March 27, 2008, except that the inventory shall only be
updated upon authorization of the City Council.
This Resolution shall take immediate effect.
PASSED,APPROVED AND ADOPTED THIS Oh day of May, 2008.
Ayes: Nays: Absent:
Franklin Hupp
Channon Halsey
Littrel
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Jef Grindle, Mayor
ATTEST:
Theresa Ralfs, City Clef