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Council told town has 2022 asset-disposal policy; staff to follow policy and refine tracking form
Summary
In response to an audit finding about improper disposal procedures, staff reminded council that an asset replacement and disposal policy was passed in 2022, said they will follow it going forward, and described planned additions to an asset replacement form to better track purchase and sale amounts.
Staff briefed the Signal Mountain Town Council on March 24 about audit findings that cited weaknesses in the town's asset-disposal process. The manager and public works staff said the town has an asset replacement policy that was adopted by resolution in 2022 and that staff will follow that policy going forward.
The manager said he and staff reviewed the existing asset replacement form and plan to add fields to capture purchase cost, sale proceeds and other information to help finance staff reconcile differences between original cost and sale price. "We have our asset replacement policy as well as an asset replacement form," the manager said, adding that John (staff) and he have reviewed the form and expect to expand the documentation to support financial reporting and surpluses.
Staff told council they will present items that qualify for asset replacement and sale under the policy, follow the steps in the policy (including formal declaration of surplus property when required), and return items to the council for approval where the policy requires it.
