Ordinance No. 08-16-2018

ORDINANCE NO. 08-16-2018

AN ORDINANCE TO AMEND TITLE 3, FISCAL AFFAIRS, IF THE ELKINS MUNICIPAL CODE, REPEALING THE EXISTING CHAPTER 3.08. PROPERTY, AND ADOPTING A NEW CHAPTER 3.08, PROPERTY; DECLARING AN EMERGENCY TO EXIST; AND FOR OTHER PURPOSES.

WHEREAS, Ordinance No. 7-20-2000 B was duly adopted July 20, 2000, to comply with Arkansas law concerning the recognition by the City of certain items, pieces of equipment and items of property as fixed assets;

WHEREAS, Ordinance No. 10-16-2003 was duly adopted to raise the cost or acquisition value of items, pieces of equipment, items of property or other things acquired by the City in recognizing them as fixed assets;

WHEREAS, numerous Resolutions have been passed in subsequent years to update and maintain a current list of fixed assests of the City in compliance with A.C.A. Section 14-59-107;

WHEREAS, the City of Elkins was, in November of 2017, advanced, pursuant to Arkansas law, to the status of City of the First Class;

WHEREAS, Ordinance No. 7-20-2000 B and Ordinance No. 10-16-2003 have been codified as Chapter 3.08, Sections 3.08.01 and 3.08.03 of title 3 of the Elkins Municipal Code; and, 

WHEREAS, the Chief Financial Officer has recently been advised by a Deputy Legislative Auditor to obtain guidance from the City Council in determining a threshold amount in excess of $499.99 regarding the cost or acquisition value of items to be considered fixed assets.

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELKINS, ARKANSAS, That,

Section 1: That Chapter 3.08, of Title 3 of the Elkins Municipal Code should be and hereby is repealed in its entirety.

Section 2:  That the following is hereby adopted as Chapter 3.08 Property  of Title 3 of the Elkins Municipal Code, to-wit:

"CHAPTER 3.08, PROPERTY"

Sections:

3.08.01     Property Evaluated

3.08.02     Criteria

3.08.03     Record

3.08.01 Property Evaluated  All items, equipment, property, and things hereafter purchased or aquired by the City of Elkins, Arkansas, shall be evaluated by the Mayor, City Clerk, Chief Financial Officer, Water and Sewer Superintendent or Chief of Police, using the criteria, hereinafter laid out and described to determine which items, equipment, property and things should be listed/identified as "fixed assets or equipment" and accounted for as provided in A.C.A. 14-59-107.

3.08.02 Criteria  The criteria to be used in making the determination as to whether an item, piece of equipment, item of property or other thing aquired by the City of Elkins is a "fixed asset or equipment" shall be as follows:

a) The cost or aquisition value equals or exceeds $2,000.00;

b)The anticipated useful life of the item, equipment, property, or thing, and;

c) Other relevant City, County, State or Federal laws or regulations in effect.

3.08.03 Record  Once a determination is made by two or more of the responsible officials of the City that the item, property or thing is a "fixed asset or equipment," then the City clerk shall properly account for same in accordance with A.C. A. 14-59-107."

Section 3:  EMERGENCY CLAUSE:  It is further determined and ordained by the City Council for the City of Elkins, Arkansas, that an emergency exists; immediate passage and implementation of this Ordinance is necessary for the efficient administration of city business, for the City to remain in compliance with relevant Arkansas law and to preserve the public peace, health, safety, and welfare of the citizens of Elkins, Arkansas; and, therefore this Ordinance shall be in full force and effect immedialty upon its passage and approval.

PASSED AND APPROVED THE 16th day of August, 2018.

L. BRUCE LEDFORD, Mayor

ATTEST:

DELIA FOSTER, City Clerk

 

 

Last modified on Wednesday, 22 August 2018 18:28
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