(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.