Section
232.01 Investment of surplus moneys
232.02 Authority to sign vouchers and checks
232.03 Fixed asset and supply inventories; audits
232.04 Authority for making and redemption of interim deposits
232.05 Reimbursement of capital expenditures from reimbursement bonds; declarations of official intent required
232.06 Investment policy
232.07 Finance Director
(a) Whenever there are moneys in the Treasury of the city which are not required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank or banks, be invested in accordance with R.C. §§
731.56
through
731.59
. Investments so purchased shall be sold in accordance with R.C. §
731.57
.
(b) Premiums and discounts on investment purchases shall be credited to or charged against interest. Gains and losses in the sale of investment securities shall be credited to or paid from interest.
(c) All interest earned, net of adjustments required by division (b) of this section, on present investments and deposits of various interim and inactive municipal funds, except those funds having the application of earnings specifically designated by statute or ordinance, shall be credited to the Improvement Fund as earned.
(Ord. 114-88, passed 6-27-1988)
(a) The Mayor or, in his or her absence, the President of Council and the Finance Director are hereby authorized to sign all vouchers for the payment of obligations of the city authorized by law.
(b) The Finance Director is hereby authorized to use his or her signature or a facsimile signature on checks hereafter drawn on the City Payroll Account.
(c) The designated depository of municipal funds is hereby authorized to accept orders drawn on city funds when signed by the signatures set forth in divisions (a) and (b) of this section.
(Res. 114-88, passed 6-27-1988)
(a) The Finance Department shall maintain a perpetual fixed asset inventory and accounting system for the following assets owned by the city:
(1) All land, improvements and buildings; and
(2) All machinery, tools, vehicles and equipment with a cost of $10,000 or more and an estimated useful life of more than one year and all infrastructure, including, but not limited to, water, sanitary and storm sewer, bridges, roads, culverts, breakwalls and street lighting for the 2012 Annual Financial Report and the 2012 Audit and thereafter.
(b) The system shall include information sufficient to prepare financial statements in accordance with generally accepted accounting principles.
(c) Subsidiary records of detailed information for the assets in the system shall be maintained in each department, as deemed necessary by the Finance Director.
(d) Annually, on or before December 1, the Director will provide each department with a listing of its assets in the system. Within 30 days after receipt, each department head will inform the Director of additions and disposals not recorded, or other corrections required for the information listed. Copies of corrected listings shall be provided by the Director to the department heads.
(e) In addition to the fixed assets inventory and accounting system, the Finance Department will compile and retain separate purchase records for buildings, vehicles, machinery, tools and equipment with a cost equal to or more than $5,000 but less than $9,999.99 and an estimated useful life of more than one year.
(f) An annual inventory of consumable supplies and repair or replacement parts in each department shall be taken under the direction of the Finance Director. It will include items with a cost of $500 or more.
(g) All department heads shall provide an accounting, on forms prescribed by the Director, of all moneys received or disbursed by his or her department. Such funds shall be subject to an audit which may be made by the Director, and the results thereof shall be reported to the Mayor and the Finance Committee.
(Ord. 114-88, passed 6-27-1988; Ord. 110-2013, passed 7-8-2013; Ord. 115-2013, passed 8-26-2013)
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