{"data":{"id":"us-ar/ark.-code-ann.-14-59-107","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 14-59-107","heading":"Fixed asset records","body":"(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset. (b) (1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality. (2) The listing shall be totaled by category with a total for all categories. (3) The categories of fixed assets shall include the major types, such as: (A) Land; (B) Buildings; (C) Motor vehicles, by department; (D) Equipment, by department; and (E) Other assets. (c) The listing shall contain as a minimum: (1) Property item number, if used by the municipality; (2) Brief description; (3) Serial number, if available; (4) Date of acquisition; and (5) Cost of property. Acts 1973, No. 159, § 7; A.S.A. 1947, § 19-5307; Acts 2001, No. 1062, § 2; 2011, No. 621, § 3.\n\n(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset.\n\n(b) (1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality. (2) The listing shall be totaled by category with a total for all categories. (3) The categories of fixed assets shall include the major types, such as: (A) Land; (B) Buildings; (C) Motor vehicles, by department; (D) Equipment, by department; and (E) Other assets.\n\n(1) All municipalities shall establish by major category and maintain, as a minimum, a listing of all fixed assets owned by the municipality.\n\n(2) The listing shall be totaled by category with a total for all categories.\n\n(3) The categories of fixed assets shall include the major types, such as: (A) Land; (B) Buildings; (C) Motor vehicles, by department; (D) Equipment, by department; and (E) Other assets.\n\n(A) Land;\n\n(B) Buildings;\n\n(C) Motor vehicles, by department;\n\n(D) Equipment, by department; and\n\n(E) Other assets.\n\n(c) The listing shall contain as a minimum: (1) Property item number, if used by the municipality; (2) Brief description; (3) Serial number, if available; (4) Date of acquisition; and (5) Cost of property.\n\n(1) Property item number, if used by the municipality;\n\n(2) Brief description;\n\n(3) Serial number, if available;\n\n(4) Date of acquisition; and\n\n(5) Cost of property.","path":["AR Code","Title 14","Chapter 59"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"abb32db97614c1bab6b42b1db9546b1b241ddaaef873c7120009cbd730669755","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-14-59-106","next":"us-ar/ark.-code-ann.-14-59-108"},"notice":"GroundRules: Original legal text. Not legal advice."}