Page 391 - FortWorthFY22AdoptedBudget

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 is 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 by the Chief
Financial Officer/Director of Finance (“CFO”).

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.

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 control of the Mayor and City Council.

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

General Information

The Governmental Accounting Standards Board (GASB) provides the following
authoritative definition of capital assets for state and local governments:

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