Approve Disposal of Obsolete Tangible and Intangible Personal Property (Business Division)

Disposal will be by public auction to the highest bidder or by salvaging if no bid can be obtained. Tangible and intangible personal property requested for removal from the property records is nonfunctional (obsolete), damaged beyond economical repair or has been cannibalized for parts. There are 233 items with a remaining net book value and 5,601 items with a zero net book value. The items are from 11-4-2006 through 6-30-2007 and 7-1-2007 through 9-28-2007. Generally Accepted Accounting Principles require that assets that are nonfunctional or damaged beyond economical repair be removed from the property records.

N/A

There are no additional costs to the District; however, the Fixed Assets Master File will be reduced by $168,365.81, the net book value of the assets. All proceeds received from the auction will be deposited into the General Fund.