DocumentsAppendixApr 28, 2026Page 74
Attachment 3 - Assets – Recording, Identification and Disposal Policy (POL-0038-FIN)
Legacy policy describing asset inventory thresholds, disposal authorization, and acceptable disposal methods; proposed to be rescinded and replaced by provisions in the new Purchasing Policy.
Key facts
- Assets valued in excess of $500 and lifespan >1 year are inventoried
- Assets with estimated disposal value > $2,000 shall not be disposed of unless authorized by Council
- Approved by Council: June 5, 1995
- Proposed rescind as part of new Purchasing Policy
DISTRICT OF LANGFORD
POLICY NO.: 1610.01 -CC1
POLICY: ASSETS - RECORDING, IDENTIFICATION AND DISPOSAL
An inventory of all capital assets shall be maintained by the Finance Department.
Assets valued in excess of $500.00 and having a life expectancy of more than (1) year are to be kept on inventory until disposed of.
Assets having an estimated disposal value of greater than $2,000.00, and not used as a trade in on a replacement asset, shall not be disposed of unless authorized by Council.
The Clerk-Administrator may authorize the disposal of assets valued at less than $2,000.00 which are declared surplus or obsolete by a Department Head.
Disposal of assets, other than those used as a trade in, shall be by auction, invitational or closed tender, or destruction.
| Approved by Council: | CERTIFIED CORRECT: |
|---|---|
| Date: June 5, 1995 | Clerk-Administrator |