Page 406 - Fort Worth City Budget 2019

Capital Assets Policy

C. Each department head must appoint a department designee that has knowledge
and experience in capital purchasing and management of project expenditures.
Department designee responsibilities include but are not limited to:

 Perform a monthly review of the department’s purchased, donated, and
constructed assets added into PeopleSoft Asset Management (PSAM) and
communicate with the Capital Assets Team regarding any discrepancies
 Review and update the department’s non-financial asset information in the
PSAM system
 Identify capital asset transfers, impairments, and disposals, and provide the
Capital Assets Team documentation within thirty (30) days of the
occurrence
 Coordinate the department’s review of the current capital asset register and
complete the Annual Asset Physical Inventory
FMS responsibilities:

A. The Capital Asset Supervisor and Assistant Finance Director over Accounting
shall ensure that all capital assets belonging to the City are properly identified and
recorded in the PeopleSoft General Ledger module and that the PSAM module is
reconciled, at least monthly, to general ledger balances.

B. The Capital Asset Supervisor is responsible for maintaining a current listing of
Capital Asset Designees from all City departments.

C. The Capital Asset Supervisor must oversee the review of all transactions related
to capital assets at least monthly and update the PSAM system, as required, upon
validation of the transactions or corrections.

D. The Capital Asset Supervisor and Assistant Finance Director over Accounting are
responsible for ensuring that journal entries and monthly depreciation expense are
properly recorded in the general ledger and changes noted by the department
designees are recorded in the PSAM system.

E. FMS is responsible to provide department representatives with the necessary
training in capital asset management to effectively fulfill their duties and
responsibilities under this policy.

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