Staff recommends adopting the attached Resolution establishing an Asset Management Policy and Procedures for the City of Leesburg and increasing the existing Capital Asset threshold from $1,000 to $5,000 and establish an effective date of October 1, 2009.
On August 22, 2005, the City of Leesburg adopted Policy No. 1209 which established the Financial Management Policy for Capital Assets for the City.
Section 274.02 Florida Statutes, also requires the chief financial officer of the unit of local government to establish, by rule, the requirements for the recording of property and for the periodic review of property for inventory purposes. Florida Administrative Code 691-73.006 Tangible Personal Property owned by Local Government was written to implement F.S. 274.02.
Prepared by: _Puggy Johnson______
Attachments: Yes_X__ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________JB______
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, ADOPTING AN ASSET MANAGMENT POLICY FOR THE CITY OF LEESBURG, FLORIDA; SETTING FORTH THE PURPOSE; PROVIDING INTERNAL CONTROLS FOR THE RETENTION AND INVENTORY OF CITY-OWNED PROPERTY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City recognizes that the primary objectives of property control are efficiency, effectiveness, and safe guarding assets; and
WHEREAS, it is necessary for the City to provide guidance, achieve consistency in recording assets, and to implement controls that will prevent or promptly detect the loss of an asset; and
WHEREAS, the City Commission realizes that an Asset Management Policy is designed to maintain proper internal control and prevent misappropriation of public funds; and
WHEREAS, this policy is intended to provide internal controls for the retention and inventory of City-owned property;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the City of Leesburg, Florida, hereby adopts the Asset Management Policy No. _need number______ as hereto attached; and,
THAT this resolution shall become effective October 1, 2009.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 27th day of July 2009.