(A) All payments and debts due to the village and deemed uncollectible shall be reported to the corporate authorities in an annual report within 90 days after the conclusion of each fiscal year. If such debts or payments deemed uncollectible shall in any fiscal year amount to less than $2,500 in the aggregate with no single amount in excess of $500, the unpaid amount may be written off the books and records of the village as “bad debts” by administrative action. In such case, the amount “written off” shall be reported to the Village Manager. All payments or debts deemed uncollectible which shall in any fiscal year amount to an aggregate total of more than $2,500 and any individual amount of more than $500 may only be “written off” the books and records of the village by the Finance Director after such action is approved by motion of the corporate authorities.
(B) If the “write-off” is the result of a bankruptcy, the approval of the corporate authorities is not necessary and the amount written off shall be included in the report that is given to the Village Manager.
(Ord. 99-03-21, passed 3-15-1999)