(A) All erroneous or irregular variances, losses, shortages, or thefts of town funds or property, or funds or property the town holds in trust, shall be promptly reported to the direct supervisor of the employee who identifies the issue, and, as deemed appropriate, further reported to the next-higher supervisor until, when appropriate, reported to the Clerk-Treasurer or their designee.
(B) It will be the policy of the Clerk-Treasurer to report to the Oversight Board of the Town Council, with due diligence, 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.
(C) It will be the policy of the Clerk-Treasurer to report to the Oversight Board of the Town Council, with due diligence, any erroneous or irregular variances, losses, shortages, or thefts of non-cash items in excess of $500 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.
(D) 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 corrected promptly with no loss to the town.
(E) 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 non-cash items in excess of $500 estimated market value, except for those resulting from inadvertent clerical errors or misplacements that are identified timely and corrected promptly with no loss to the town, and except for losses from genuine accidents.
(F) The Oversight Board, in conjunction with the Clerk-Treasurer and other heads of departments, shall evaluate this policy on an annual basis and make recommendations for changes to the Town Council.
(G) Each department head shall be responsible for ensuring that every member of his/her department has reviewed this policy and other relevant information relating to the town's internal control responsibilities.
(Ord. 11-2016-02, passed 11-8-2016)