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 27 items with a remaining net book value and 870 items with a zero net book value. The period for this report is July 1, 2008 – September 30, 2008. Generally Accepted Accounting Principles require that assets be removed from the property records, which are nonfunctional or damaged beyond economical repair.

* Demonstrate best financial practices

There are no additional costs to the District; however, the Fixed Assets Master File will be reduced by $18,703.43, the net book value of the assets. All proceeds received from the auction will be deposited into the General Fund.