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