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Arkansas Code Title 14. Local Government § 14-59-107. Fixed asset records

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.

(b)(1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality.

(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, by department;

(D) Equipment, by department; and

(E) Other assets.

(c) The listing shall contain as a minimum:

(1) Property item number, if used by the municipality;

(2) Brief description;

(3) Serial number, if available;

(4) Date of acquisition; and

(5) Cost of property.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-59-107. Fixed asset records - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-59-107/

Read this complete Arkansas Code Title 14. Local Government § 14-59-107. Fixed asset records on Westlaw

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