2009 Audit Management Letter - Laserfiche WebLink

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City of Centerville May 19, 2010 Page 3 Purchasing. Invoices for purchased items are verified against purchase orders prepared authorizing acquisition of goods or services. Invoices are presented to the responsible department head for verification and initialed.The Accounting Clerk then prepares accounts payable checks with the expense/budget codes. These are presented to the Finance Director who verifies that the proper budget account codes are used, that proper documentation is present and that funds are available for the expenditure. The check listing is presented to the City Council for approval. After approval, all checks are signedby two authorized persons, which may include the Mayor, the Administrator and council members. Invoices are stamped “paid,” and checks are then mailed to vendors. Utility Billing. Meters are read by Public Works staff using an automated touch read device. Meter readings are downloaded to the City’s automated billing system. The Accounting Clerk generates quarterly bills.Adjustments to bills are prepared by the Accounting Clerk and approved by the Finance Director before posting.Payments are received and opened by the Receptionist and stamped by date. They are presented to the Accounting Clerk for processing and generally deposited to the following day. Bank Statements and Investment of Funds . Bank statements are delivered to the City Administrator who opens them and reviews them.Statements are checked for transfers in and out to make sure funds only move within existing approved accounts. All cancelled checks are viewed by the Administrator for alterations and for proper signatures.The Finance Director is authorized to invest city funds within financial institutions previously approved by the City Council. The Finance Director may transfer funds but not withdraw funds or create new accounts. The Finance Director reconciles the bank account monthly and provides documentation to the City Administrator for review. Copies are supplied to Council with the monthly financial statements.Securities are pledged by financial institutions to secure funds above the level if FDIC insurance. Pledges are monitored monthly by the Finance Director and reviewed by the City Administrator. Petty Cash .Petty cash is verified monthly and spot checked periodically by the Finance Director.