A. Definition. "Fixed assets" means those physical assets whose purchase price exceeds $300.00 and which have a life expectancy of at least one year. Equipment temporarily attached to a building or structure will be classified as equipment and not building. (Example: an overhead hoist system is considered equipment; the track is part of the permanent structure.) The $300.00 minimum eligible amount may be adjusted by the Finance Director, upon notification to the County Executive and the County Council.

B. Identification of Fixed Assets. All fixed assets of Pierce County are to be marked in such a manner as to identify them as belonging to Pierce County.

C. Records Requirements. The Purchasing Agent will maintain a fixed asset system which includes records for all inventoried assets. The specific elements to be maintained on each fixed asset record and all appropriate procedures will be determined by the Finance Director.