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<br />3. Finance Director: <br /> <br />For cash management purposes, the Finance Director sI1all be notified of <br />all encumbra11ces or paYlnents to be made in excess of $25,000 as soon as <br />city staff or the council becolnes aware of the encumbrance or liability. <br /> <br />4. Internal Control: <br /> <br />All purchases and expenditures are to be organized in such a Ina11ner as to <br />provide the 111axin1un1 degree of internal control in tIle 1110st efficient and <br />effective lnanner. Specific details are arranged in the city's intenlal <br />control policy, which is attached to this policy. <br /> <br />5. Property Identification and Control: <br /> <br />A unique property tag nun1ber will be assigned by tIle Finance Director to <br />be affixed to all capital equiplnent purchases. The Finance Director shall <br />lnaintain the official inventory of fixed assets, which will be updated on an <br />annual basis. The Finance Director shall be notified when an asset is to be <br />ren10ved fron1 service or transferred to another departnlent. <br /> <br />6. Disposal and Acceptance of Fixed Assets: <br /> <br />Disposal of capital assets and other city propeliy will occur only at the <br />discretion and approval of the city council and will be governed by <br />applicable Minnesota Statutes. Acceptance of contributions of capital <br />assets or other property shall be in accordance with applicable Minnesota <br />Statutes and shall be the responsibility of the city council. The Finance <br />Director wi 11 be notified of any asset acquired by nleans of contribution. <br /> <br />7. Purchase Orders: <br /> <br />Purchases that are not routine in nature and/or are above the anlount of <br />$1,000 shall require a purchase order. Pre-nunlbered purchase order fon11s <br />will be available fron1 the City Finance Director and will include an <br />explanation of the iten1 or service, the cost of the itenl or service, and a <br />reconln1endation of where the expense should be allocated (coded). All <br />purchase orders 111USt be signed by the appropriate supervisor and the City <br />Adnlinistrator. <br /> <br />8. Approval of Claims for Payment: <br /> <br />All expenditures of any departlnellt of the city, whether general or capital, <br />require final approval of the city council before payment. Final approval <br />consists of council action at an officiallneeting of the city council. The <br /> <br />5 <br />