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City ofCenterviffie <br /> CayitaCandGeneraCExyen&ture Policy <br /> POLICY <br /> It is the policy of the city of Centerville to maintain appropriate procedures regarding the <br /> procurement, management and disposal of all fixed assets, and to establish and monitor <br /> fiscally responsible spending practices. <br /> PURPOSE <br /> To ensure proper accountability and stewardship of the resources available for capital and <br /> general expenditures, while maintaining a safe and healthy working environment for all <br /> employees and high level service to the residents of the city of Centerville, <br /> DEFINITIONS <br /> I Fixed Asset: <br /> Equipment, property, buildings, vehicles and improvements that have an <br /> original or historic cost of$2,500 or more, have an average useful life of three <br /> years or longer or, when added to the original asset, extend the useful life of <br /> the asset, and meet the following criteria: <br /> Equipment <br /> a. the item retains its original shape and appearance with use; <br /> b. it is non-expendable (not a supply); <br /> C. it represents an investment; <br /> d. it does not lose its identity by incorporating it through a different <br /> or more complex item; <br /> e. includes furniture but excludes built-in equipment which is <br /> considered part of the building; <br /> f. the item is not a repair part. <br /> Property <br /> a. initial acquisition of real estate; <br /> 5 <br />