(A) The materiality threshold for the town shall be $100. If the erroneous or irregular variance, loss, shortage or theft is not cash or a cash-equivalent, the value of the item at the time of the variance, loss, shortage or theft shall be used to determine whether the materiality threshold has been met.
(B) All erroneous or irregular variances, losses, shortages or thefts of $100 or more shall be reported immediately to the State Board of Accounts. In addition, all erroneous or irregular variances, losses, shortages or thefts which occur more than four times in a month and which in the aggregate total $300 or more shall be reported immediately to the State Board of Accounts.
(Ord. 2, 2016, passed 6-13-2016)