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RES NO 06-02-2015 CITY OF VAN BUREN,ARKANSAS RESOLUTION NO. 10 -p2. -2015 BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN, ARKANSAS,A RESOLUTION TO BE ENTITLED: A RESOLUTION DEFINING FIXED ASSETS TO BE RECORDED AND MAINTAINED BY THE CITY OF VAN BUREN. WHEREAS, A.C.A. § 14-59-107 requires the governing body of a municipality to define fixed assets to include dollar amount and useful life; and WHEREAS, in 2002 the City put in place a policy establishing a value of$1,500.00 or above as a dollar amount for fixed assets as recommended by the state auditors; and WHEREAS, the policy was never adopted by the City Council nor defined a useful life. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF VAN BUREN, ARKANSAS,THAT: SECTION 1: The City of Van Buren,Arkansas shall list on its fixed asset inventory all items in the categories of land,buildings, improvements other than buildings,motor vehicles, equipment,and construction in progress. SECTION 2: The listing shall be in accordance with A.C.A. § 14-59-107. SECTION 3: Fixed assets on said listing shall be valued at$1,500.00 or above with an expected useful life of over one year. IN WITNESS WHEREOF,the City of Van Buren,Arkansas, by its City Council,did pass, approve, and adopt,by a vote of for and 0 against,the foreg '• Resolution at its regular meeting held on the 15th day of June 2015. 411bi -� --� Robert t- D. Freem.'���� Mayor ATTESTED: APPR I I 1 • S �� ORM: 67,11L61UL eAtilt;is can law 0 Barbie Curtis dice • . Settle City Clerk/Treasurer City Attorney Search- 1 Result- 14-59-107.Fixed asset records. http://web.lexisnexis.com/research/retrieve? m=6ebt83629d9b3910£.. A.C.A. § 14-59-107 Arkansas Code of 1987 Annotated Copyright © 2015 1987-2015 by the State of Arkansas All rights reserved. *** Legislation is current through the 2014 Second Extraordinary Session *** *** and updates received from the Arkansas Code Revision Commission *** *** through December 12, 2014. *** Title 14 Local Government Subtitle 3. Municipal Government Chapter 59 Arkansas Municipal Accounting Law A.C.A. § 14-59-107 (2015) 14-59-107. Fixed asset records. (a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth thiy'doffar amount and useful life necessary to qualify as afixe i-asset: J one y _ ct (b) (1) All municipalities shall establish by major category and maintain, as a minimum, a li`sfing\ c- ' . 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. HISTORY: Acts 1973, No. 159, § 7; A.S.A. 1947, § 19-5307; Acts 2001, No. 1062, § 2; 2011, No. 621, § 3. I of 2 3/30/2015 4:41 PM tj--- . •7 _-4_, . ••-s, CITY OFFICERS .) f N <, - -N ' . .. ,_ '_,_ i --6.e*„L"I-—f(c ,-• ,,:ta y- BARBIE CURTIS / - r r . City Clerk Treasurer r . e • ,,4, 1 '..1 P -4" ‘K... \.. , CANDICE SETTLE - (..-, -- , s. - 7- ' .i City Attorney \ -7:4, ( "er - I.,-'.---4 „...,----- 114' ---- ... ..... ,... . Tr.\-iggigima'( ( 1 Ili ,--—"Tr. ---- .-1 - ....-..,- .:. % i ' STEVEN PEER .64 '- --;"'"---8 4 I — VAN BUREN 1 I t4V Municipal Judge I ----"T"--ip n -, . .. n . , a MUNICIPAL COUFLEX 1 A t .al CAROL RAY .1L , I sall. pih ' I. _____ Court Clerk , = _ VIVIAN MITCHELL ----z---_-1- ..-.-=----==- ,--- Administrative Assistant to the Mayor Alderman JIM BARKER , .,•,_ , , - . _, 1-. ' e ; s '. •• = DAVID MOORE JOHN RIGGS, Mayor DONNA PARKER MIKE PITCHFORD 1003 Broadway•Van Buren,Arkansas 72956 BILL SWAIM BILL TAYLOR (501)474-1541 Fax: (501) 471-5010 Wednesday, May 1, 2002 To All Department Heads, As of May 1, 2002, fixed asset values have been increased to$1500.00. This recommendation comes from our state auditors. We will start re-evaluating our fixed asset list immediately. If you have any questions please contact Barbie or Connie in the clerks office. Thanks. Mayor John Riggs, C-2-------P---.:..1---:—.D