AGENDA MEMORANDUM

Meeting Date: July 27, 2009

From:                          Jerry Boop, Finance Director, CPA, CGFO

Subject:                      Resolution authorizing an Asset Management Policy & Procedures

Staff Recommendation:

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.

Background:

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. 

Options:

1. Adopt the resolution as presented or
2. Such alternative action as the Commission may deem appropriate.

Fiscal Impact:

None

Submission Date and Time:    7/24/2009 8:43 AM____

Department: _Finance________________ Prepared by:  _Puggy Johnson______                      Attachments:         Yes_X__   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________JB______                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. _________________ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________

RESOLUTION 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.

                                                                            __________________________

                                                                             Mayor

ATTEST:

______________________

City Clerk