Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Town board updates fixed-asset policy to track purchases $100 and over
Summary
The Town of Constable adopted an updated Fixed Asset Policy requiring use of the Office of the State Comptroller Financial Management Guide form to record purchases of assets valued at $100 or more, including annual inventory and disposition procedures.
The Town of Constable on March 13, 2025 voted to update its Fixed Asset Policy to require use of the Office of the State Comptroller Financial Management Guide form for recording purchases of assets with a value of $100.00 or more. The board approved the update on a motion by Councilman Clyde Wilson, seconded by Councilman Tom MacDonald; the motion carried.
Under the revised policy, asset documentation must include purchase date, cost, source of funds, description, maker/model/serial number, department assignment, location and maintenance contract if applicable. Highway vehicles will be listed by purchase price, and the Highway Superintendent will annually review and update the inventory and supply the town insurance agent with current values. Disposed assets must be documented with a Record of Disposition Form signed by the department head and Town Supervisor.
