FY2005-11 Amendment Title 1 General Fixed AssetsKODIAK ISLAND BOROUGH
ORDINANCE NO. FY 2005 -11
Introduced by Manager Galstad
Requested by: Finance Director
Drafted by: Finance Director
Introduced: 04 21 7 /200 5
Public Hearing: 05/05/2005
Adopted: 05/19/2005
AN ORDINANCE OF THE KODIAK ISLAND BOROUGH
AMENDING KODIAK ISLAND BOROUGH CODE OF ORDINANCES
TITLE 3 REVENUE AND FINANCE CHAPTER 3.04 PUBLIC FINANCE — MANAGEMENT
AND ACCOUNTING SECTION 3.04.057 GENERAL FIXED ASSETS
TO PROVIDE FOR DISPOSAL OF USED HOSPITAL EQUIPMENT
WHEREAS, Providence Kodiak Island Medical Center has in storage several KIB assets which are
obsolete; and
WHEREAS, the area currently used for storage will be renovated to accommodate the Community
Health Center; and
WHEREAS, they have expressed to the Borough Manager in writing a desire to sell, auction, or
otherwise dispose of these assets;
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH THAT:
Section 1: This ordinance is of a general and permanent nature and shall become a part of the
Kodiak Island Borough Code of Ordinances.
Section 2: Title 3 Revenue and Finance Chapter 3.04 Public Finance - Management and Accounting
Section 3.04.057 General fixed assets is hereby amended as follows:
3.04.057 General fixed assets. General fixed assets of the borough shall be valued in accordance
with generally accepted accounting principles (GAAP).
A. Land valuation. Generally land shall be valued at cost. If cost is not known, then land
will be valued at fair market value at date of acquisition. Land acquired through foreclosure or default
on land sale payments will be valued at fair market value at date of foreclosure or default. Donated
land will be valued at fair market value at date of acquisition.
B. Buildings and improvement valuation. All buildings and structures shall be valued at cost
or cost of construction. If cost is not known then building and improvements will be valued at fair
market value at date of acquisition. Donated buildings and improvements will be valued at fair market
value at date of acquisition.
C. Other fixed assets. Other fixed assets are those fixed assets (property, plant, and
equipment) of the borough defined as tangible assets with a useful life in excess of two (2) years, an
initial cost of five thousand (5,000) dollars, and those items that do not lose their identity when used
with or applied to another asset.
D. Exceptions prior to the fiscal year ending June 30, 2003. No road, bridge, culvert,
viaduct, or other such major asset will be capitalized. These public assets by virtue of their nature
claim a degree of immunity from pilferage, vandalism, and misappropriation. There shall be no
exceptions starting with the fiscal year beginning July 1, 2003.
Kodiak Island Borough, Alaska Ordinance No. FY2005 -11
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E. Providence Medical Center shall be given the authority to dispose of all obsolete hospital
equipment by any means they deem appropriate. Any funds received for said equipment will revert to
the Borough. An itemized list including KIB identification tags will be forwarded to the finance
department at disposal for removal from fixed asset schedules.
ATTEST:
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS NIINETEENTH DAY OF MAY 2005
Judith A. Nielser(CMC, Borough Clerk
KODIAK ISLAND BOROUGH
M. Selby, Borough Ma or
Kodiak Island Borough, Alaska Ordinance No. F12005-11
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