LSBGHORZ
         

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