Page 433 - FortWorthFY23AdoptedBudget

Retirement

All capital assets that are sold, exchanged, traded in, donated, stolen, damaged
beyond repair or in any way removed from service and disposed of during the
current fiscal period should be recorded as retirements in the PSAM system.

Departments are responsible for coordinating with the Fleet and Auto Pound
departments if the asset will be auctioned off through a current City contractor
auctioneer. The department will complete the Auction Master Template form
which is approved by the Director or an Assistant Director. This form will be
forwarded to the Purchasing department coordinator for FID validation and
confirmation of wire transfers. Upon confirmation, all relevant information will
be sent to the Capital Asset Team for proper accounting treatment.
When retiring an asset, the Department that had custody of the asset must
complete and submit a Capital Asset-PMD-Fleet Status Change Request Form to
the Capital Assets Team. This electronic form will be routed for proper approval
and signatures. This form is located in the Forms Portal under Financial
Management Services.

Surplus and (Salvage Sales)

Departments are responsible for maintaining a listing of all non-capital assets.
Upon determination that, a non-capital asset is either no longer needed or found
to be unserviceable, the department will determine the appropriate method of
disposal.
Methods of disposal:
• Internal City posting

• Auction
The approved Auction Master Template will then be sent to the Purchasing
department coordinator as referenced in the Retirement section.

Impairment
A capital asset generally should be considered impaired if both (a) the decline in
service utility of the capital asset is large in magnitude and (b) the event or change
in circumstance is outside the normal life cycle of the capital asset. The
Department Capital Assets Coordinator is responsible for determining whether an

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