(a) Legislative declaration. The city council finds and determines that the performance of fixed asset inventories is a matter of local concern and that it is in the best interest of the City to require that such an inventory be performed not less than every three years.

(b) Inventory. Commencing with the 2013 fiscal year, the director of finance shall cause to be conducted not less than every three years a fixed asset inventory of all real and personal property of the city with original costs equal to or greater than $5,000.00 for all machinery and equipment, $5,000.00 for all real and personal property purchased with federal funds, $50,000.00 for all land and water rights, $50,000.00 for all buildings and improvements, and $250,000.00 for all infrastructure. Every such inventory shall be reconciled with existing records of fixed assets maintained by the accounting division of the finance department. (Code 1979, § 2-171; Ord. No. 2013-19, § 1, 6-17-2013; Ord. No. 2003-65, § 1, 9-29-2003; Ord. No. 99-86, § 1, 12-13-1999)