§ 14-59-107 - Fixed asset and equipment records. - Arkansas Statutes

14-59-107. Fixed asset and equipment records.

(a) (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;

(D) Equipment; and

(E) Other.

(b) 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.