(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.(b)(1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality.(2) The listing shall be totaled by category with a total for all categories.(3) The categories of fixed assets shall include the major types, such as:(A) Land;(B) Buildings;(C) Motor vehicles, by department;(D) Equipment, by department; and(E) Other assets.(c) The listing shall contain as a minimum:(1) Property item number, if used by the municipality;(2) Brief description;(3) Serial number, if available;(4) Date of acquisition; and(5) Cost of property.Acts 1973, No. 159, § 7; A.S.A. 1947, § 19-5307; Acts 2001, No. 1062, § 2; 2011, No. 621, § 3.
Arkansas Legal Code