Inventory management of city-owned real property may be defined as the recording and maintenance of information on the acquisition, identification, location, value, condition, and disposition of each parcel of such property, including the use of this property information for management decisions.Most cities own thousands or millions of dollars worth of real property. Few, however, have an accurate inventory and management system enabling them to identify and account for their holdings. Just as individuals and corporations want to know what they own in order to obtain a clear picture of their assets, a city must also maintain records to document its financial position.
Jeffrey A. Rich, Real Property Inventory and Management System for Municipal Law Departments, 18 Clev.-Marshall L. Rev. 196 (1969)