(A) The Town Council hereby endorses the Clerk-Treasurer’s Directive, attached to Ordinance 6-2016, passed April 13, 2016, regarding a policy on materiality and process for reporting material losses.
(B) The Town Council calls upon the Clerk-Treasurer and all town officials, employees, and agents to enforce and comply with said policy on materiality and process for reporting material items and to report as required noteworthy to the Town Oversight Committee or the full Town Council.
(C) The Town Council directs its Oversight Committee 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.
(D) 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.
(Ord. 6-2016, passed 4-13-2016)