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<br />City of Centervi{{e <br />Cayita{ ana (ienera{ Txyenditure po{icy <br /> <br />POLICY <br /> <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 /> <br />PURPOSE <br /> <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 hi gh level service to the residents of the city of Centerville. <br /> <br />DEFINITIONS <br /> <br />1. Fixed Asset: <br /> <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 /> <br />Equipment <br /> <br />a. the item retains its original shape and appearance with use; <br /> <br />b. it is non-expendable (not a supply); <br /> <br />c. it represents an investment; <br /> <br />d. it does not lose its identity by incorporating it through a different <br />or more complex item; <br /> <br />e. includes furniture but excludes built-in equipment which is <br />considered part of the building; <br /> <br />f. the item is not a repair part. <br /> <br />Property <br /> <br />a. initial acquisition of real estate; <br /> <br />I <br />