Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Asset Management topic
No spam. Unsubscribe anytime.
Finance agency reports 755 missing fixed assets under review, work to continue annually
Summary
The Finance Agency reported that 755 county fixed assets remain pending investigation; many are fully depreciated and the agency said it will continue annual inventory scrubs while exploring technology and training to improve tracking.
The Finance Agency presented the county’s annual fixed assets inventory report to the Finance and Government Operations Committee on March 18, describing the ongoing process to locate and reconcile county property.
Margaret Olay, director of the Finance Agency, and Annie Tam, assistant controller treasurer, said the annual exercise helps identify assets that departments cannot locate and supports clean‑up of the financial system. The report lists 755 assets pending further investigation, which the agency said have an original acquisition cost totalling more than $9,000,000; many items cited in the report have depreciated to zero book value.
Olay told the committee that the most common reason for missing assets is that items were disposed of or became obsolete without corresponding updates to the system. She said the agency will continue to pursue departmental inventories, consider technology such as barcodes or RFID to aid tracking, and emphasize training and documentation for departments.
Committee members asked whether the agency expects to be able to clear long‑outstanding items; agency staff said departments must provide documentation for removal and that agency approval is required before write‑offs. The agency said the scrubbing process occurs every year and noted that in many organizations — public and private — inventories can reveal long lists of items no longer physically present.
The committee voted to receive the annual fixed assets inventory report.
