(A) The accounting controls set forth in this section are hereby authorized to be designed, implemented, and followed by all departments, officials, employees, and agents of the town to provide reasonable assurances that town assets are safeguarded for the benefit of the town and its residents.
(B) Capital expenditures made by the town and its various departments and utilities shall be in accordance with management’s authorization, as documented in the minutes.
(C) Transactions of the utilities shall be recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles.
(D) Adequate detail records shall be maintained to assure accountability for town and utility owned assets.
(E) Access to assets shall be permitted in accordance with management’s authorization.
(F) The recorded accountability for assets shall be compared with the existing assets at least every two years, and appropriate action shall be taken with respect to any differences.
(Ord. 692, passed 12-10-96)