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<br />3. Finance Director: <br /> <br />For cash management purposes, the Finance Director shall be notified of <br />all encumbrances or payments to be made in excess of $25,000 as soon as <br />city staff or the council becomes aware of the encumbrance or liability. <br /> <br />4. Internal Control: <br /> <br />All purchases and expenditures are to be organized in such a manner as to <br />provide the maximum degree of internal control in the most efficient and <br />effective manner. Specific details are arranged in the city's internal <br />control policy, which is attached to this policy. <br /> <br />5. PropertvIdentification and Control: <br /> <br />A unique property tag number will be assigned by the Finance Director to <br />be affixed to all capital equipment purchases. The Finance Director shall <br />maintain 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 />removed from service or transferred to another department. <br /> <br />6. Disposal and Acceptance of Fixed Assets: <br /> <br />Disposal of capital assets and other city property will occur only at the <br />discretion and approval of the city council and will be governed by <br />applicable Mirmesota Statutes. Acceptance of contributions of capital <br />assets or other property shall be in accordance with applicable Mirmesota <br />Statutes and shall be the responsibility of the city council. The Finance <br />Director will be notified of any asset acquired by means of contribution. <br /> <br />7. Purchase Orders: <br /> <br />Purchases that are not routine in nature and/or are above the amount of <br />$1,000 shall require a purchase order. Pre-numbered purchasc order forms <br />will be available from the City Finance Director and will include an <br />explanation of the item or service, the cost of the item or service, and a <br />recommendation of where the expense should be allocated (coded). All <br />purchase orders must be signed by the appropriate supervisor and the City <br />Administrator. <br /> <br />8. Approval of Claims for Payment: <br /> <br />All expenditures of any department 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 official meeting of the city council. The <br /> <br />5 <br />