(A) Town Council endorsement of directive policy. The Town Council hereby endorses the Clerk-Treasurer’s directive, as set forth in division (B) below, regarding a policy on materiality and a process for reporting material items.
(1) The Town Council calls upon the Clerk-Treasurer and all town officials, employees, and agents to enforce and comply with the directive on materiality and process for reporting material items and to report noteworthy items to the Town Council.
(2) The Town Council directs the Clerk-Treasurer to monitor, as it deems necessary, compliance with the policy on materiality and process for reporting material items and report noteworthy items to the full Town Council.
(3) The Town Council asks the Clerk-Treasurer to advise the Town Council of any changes in the policy on materiality and process for reporting material items.
(B) Clerk-Treasurer directive policy on materiality and process for reporting material items.
(1) All erroneous or irregular variances, losses, shortages, or thefts of the town subdivision funds or property, or funds or property the town holds in trust, shall be reported to the Clerk-Treasurer or his or her designee promptly.
(2) It will be the policy of the Clerk-Treasurer to report to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of cash in excess of $500, except for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the town.
(3) It will be the policy of the Clerk-Treasurer to report promptly to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of non-cash items in excess of $2,000, estimated market value, except for those resulting from inadvertent clerical errors or misplacements that are identified timely and promptly corrected with no loss to the town, and except for losses from genuine accidents.
(4) All town elected officials are asked, and all town employees and agents are directed, to comply with this policy, and the Town Council is asked to endorse it.
(Res. 2016-3, passed 2-17-2016)