Page 404 - Fort Worth City Budget 2019

Capital Assets Policy

I. Authority

The Fort Worth City Council is responsible for legislation, policy formulation, and overall
direction setting of the government. This includes the approval of financial policies which
establish and direct the operations of the City of Fort Worth. The City Manager and the
Assistant City Managers are responsible for carrying out the policy directives of the
City Council and managing the day-to-day operations of the executive departments,
including the Financial Management Services Department (FMS). This policy shall be
administered on behalf of the City Manager and the Assistant City Managers by the Chief
Financial Officer/Director of Finance (“CFO”).

II. Purpose

This policy defines and provides the guiding principles with respect to the financial
management of capital asset for the City of Fort Worth (“the City”). The objectives of
this policy are to ensure consistent capital asset practices in accordance with Generally
Accepted Accounting Principles (GAAP) and applicable regulatory agencies and to
safeguard against loss, unauthorized use, or misappropriation of assets. Controls are
created to establish, maintain, and enforce a sound system of operational procedures in
accordance with industry best practices and internal control objectives. These controls
address the decentralized nature of the processes associated with capital assets while also
providing standards and minimally acceptable practices for these activities.

III. Applicability and Scope

All employees of the City, including uniformed employees in positions who are responsible
for performing fiscal operations described herein, shall apply the principles of this policy.
This may include, but not be limited to, staff who purchase, receive, monitor or dispose of
capital assets. Further, this policy shall cover all funds and capital assets under the fiscal
control of the City Manager and the Mayor and City Council.

IV. Glossary

See definitions related to this policy provided in the Glossary for Financial Management
Policies.

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