RES NO 02-02-2024 CITY OF VAN BUREN,ARKANSAS
RESOLUTION NO.09)- a-2024
BE IT ENACTED BY THE CITY COUNCIL,FOR THE CITY OF VAN BUREN,
ARKANSAS,A RESOLUTION TO BE ENTITLED:
A RESOLUTION AMENDING RESOLUTION 02-02-2023,
DEFINING FIXED ASSETS AND SETTING GUIDELINES
FOR CITY OF VAN BUREN, ARKANSAS, AND FOR
OTHER PURPOSES.
WHEREAS, A.C.A. 14-59-107 requires the governing body of a municipality to
define fixed assts to include dollar amount and useful life; and
WHEREAS, the city is amending the policy establishing the value of fixed assets
from$3,000.00 and expected use from(1)one year to(3)three years
to be redefined as any one item that costs the City of Van Buren
$3,000.00 and is expected to have a useful life of three(3)years or
more;
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF VAN BUREN,ARKANSAS, THAT:
SECTION 1: Capital asset,also referred to as fixed asset,is hereby defined as an asset of durable
nature, which is expected to be used for a period of greater than three years, and
includes such assets as land,land improvement,including infrastructure,buildings,
equipment,furniture,tools,vehicles,etc.,but capital assets do not include computer
software.
SECTION 2: Historical cost is hereby defined as the usual basis for valuing fixed assets and is
measured by the cash price for obtaining the asset and getting it ready for its
intended uses.
SECTION 3: The purchase prices, freight, sales tax, and installation costs are considered part of
the cost of fixed assets.
SECTION 4: Assets acquired by gift are valued at their fair market value or appraised value on
the date of acquisition.
SECTION 5: A record of assets having a purchase price of fair market value of$3000.00 or more
and is expected use for a period greater than three years will be maintained in the
city's account fixed asset inventory.
IN WITNESS WHEREOF,the City of Vanj3uren,Arkansas,by its City Council, did
pass, approve, and adopt,by a vote of (0 for and against,the foregoing Resolution at its
regular meeting held on the 261h day of February 2024.
G`�G�erk -N,`15�' (-
Jq!�eph\'\P.mf Hurst
City of Van Buren May
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ATTESTED: �`'o�Q ��.a° APPROVED AS TO FORM:
County,P
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Shawnna Rey of s �aacob HoCity Clerk/Treasurer ty Attorney
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