Audit Report 11-01, General Fixed Assets, Released

The Internal Audit Department released their audit report of the General Fixed Assets.

The Property Control Section is responsible for the control and record keeping of the City’s fixed assets. A fixed asset is generally defined as property with an acquisition value of $1,000 or more and a useful life that exceeds one year.

The objectives of the Property Control Section include the oversight of all fixed asset additions, related depreciation, asset transfers, and dispositions. Support of these objectives is enhanced by the designation of Property Control Coordinators within each City department. The Coordinators assist in the safeguarding of assets, preparation of documentation in the movement of assets and aid in the annual physical inventory process.
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