(1) Each water and sewer department's governing body shall adopt a policy defining fixed assets.
(2) At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.
(3) Each department shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the department.
(4) The listing shall be totaled by category with a total for all categories.
(5) The categories of fixed assets shall include the major types, such as: Land;
(6) Buildings;
(7) Motor vehicles;
(8) Equipment; and
(9) Other.
(10) For each fixed asset, the listing shall contain, as a minimum: Property item number if used by the department;
(11) Brief description;
(12) Serial number, if available;
(13) Date of acquisition; and
(14) Cost of property.