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RES NO 02-02-2023 CITY OF VAN BUREN,ARKANSAS RESOLUTION NO.a-OA -2023 BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN, ARKANSAS,A RESOLUTION TO BE ENTITLED: A RESOLUTION AMENDING RESOLUTION 6-2-2015, DEFINING FIXED ASSETS AND SETTING GUIDELINES FOR ITEMS TO BE CHARGED TO A CAPITAL ACCOUNT IN THE 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 assets to include dollar amount and useful life;and WHEREAS, the city is amending the policy establishing the value of fixed assets from $1,500 to $3,000 and expected use from(1)one year to(3)three years. 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 of obtaining the asset and getting it ready for its intended use. SECTION 3: The purchase price,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$3,000.00 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 Van Buren, Arkansas, by its City Council, did pass, approve, and adopt,by a vote of S for and against,the foregoing Resolution at its regular meeting held on the 27'day of February 2023. 1 -P eph P Hurst Ma or ATTE TD• PRO G\efk a Reynolds cob City�l rk/Treasurer City Attorney City of Van Buren 1 '- ��%7- gym s��✓,r.�y rY. �% Lei% v�ryCout�ty P Y LO"I CITY OF VAN BUREN,ARKANSAS RESOLUTION NO.6-0'0'?— -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 Iife. 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_�L for and C� against,the foreg ' Resolution at its regular meeting held on the 15'h day of June 2015. Robert D.Fr I in Mayor 4 ATTESTED: APPR ED S ORM: Barbie Curtis dice . Settle City Clerk/Treasurer City Attorney XI«p✓iwco.iexisnexis.couvresearcn/retrieve'! m=6ebt83629d9b391Of... 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) Tim governing body shall adopt a policy defining,fixed assets. At a minimum, the policy-shall-1. sefibith iW'dWlatamount and useful-life necessary to-quatify-as:a`flxeir-'59sefl"- CgJCr 0A (b) (1) All municipalities shall establish by major category and maintain, as a minimum, a lisfirig` 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. f 2 3/30/2015 4:41 PM CITY OFFICERS BARBIE CURTIS City Clerk-Treasurer c _ _ - CANDICE SETTLE �j •� C _ 1` j r —r -d F ` i City Attorney STEVEN PEER Municipal Judge -_ VAN DUREN — � YUXIqFAL GGurtct Al CAROL RAY _ I ' Court Clerk - _ -��_• - VIVIAN MITCHELL Administrative Assistant to the Mayor Alderman r t Ly• k JIM BARKER DAVID MOORE JOHN RIGGS, Mayor DONNA PARKER MIKE PITCHFORD 1003 Broadway-Van Buren,Arkansas 72956 SILL SWAIM (501)474-1541 Fax:(501)471-5010 BILL TAYLOR 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, i13 tr- - ... - . -....... ..