File #: 15-1030    Name: AUTHORIZATION OF DISPOSITION OF SURPLUS TANGIBLE PERSONAL PROPERTY
Type: Purchasing/Contract
Body: Village Council
Agenda Date: 9/27/2016 Final action: 2/1/2016
Title: ITEM: AUTHORIZATION OF DISPOSITION OF SURPLUS TANGIBLE PERSONAL PROPERTY REQUEST: Authorization to approve FY 2016 disposition of surplus tangible personal property and removal of non-capitalized assets in preparation for upcoming annual audit for the year ending September 30, 2016.
Attachments: 1. 1. Exhibit A & B
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ITEM: AUTHORIZATION OF DISPOSITION OF SURPLUS TANGIBLE PERSONAL PROPERTY

REQUEST: Authorization to approve FY 2016 disposition of surplus tangible personal property and removal of non-capitalized assets in preparation for upcoming annual audit for the year ending September 30, 2016.

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EXPLANATION: Wellington conducts an annual inventory as part of the preparation for the yearly audit. The following is a summary of twenty-three (23) surplus items of tangible personal property (TPP) or fixed assets meeting disposition criteria per the Village's Purchasing and Procurement Policy Chapter 13, Section D, Exhibit A attached. The initial total purchase cost of these items was $489,779.50 with an accumulated total depreciation of $436,474.28, resulting in a current value of $53,305.22.

Seven (7) assets (technical and heavy equipment) will be sold through GovDeals, the Village's approved public auction vendor. Sixteen (16) assets (computer equipment) will be recycled, utilizing a state certified recycling vendor.

METHOD OF DISPOSAL

By Selling
By Recycling
Total Surplus
Acquisition Cost of Items to be Disposed
$103,253.26
$386,526.24
$489,779.50
Accumulated Depreciation
$69,670.07
$366,804.21
$436,474.28
Total Net Value
$33,583.19
$19,722.03
$53,305.22

In addition, the Village's capital existing asset listing was reviewed and fully depreciated assets that are considered not capitalizable were identified. This review resulted in the removal of four (4) items with a cost of $3,987,227.53, Exhibit B attached. These assets have been fully depreciated and the book value for these assets is $0, so there is no fiscal impact to the fund financial statements.

Surplus TPP or fixed assets are identified annually as part of a Village-wide departmental inventory and condition assessment. A master list of these fixed assets, verified by OFMB, is categorized as no longer useful or to be exchanged for a new purchase/replacement.

Staff requests author...

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