(A) It will be the policy of the town’s Clerk- Treasurer to report to the state’s Board of Accounts any erroneous or irregular variances, losses, shortages or thefts of cash in excess of $500. In addition, all erroneous or irregular variances, losses, shortages or thefts of cash which occur more than one time in a month and which aggregate total is $500 or more shall be reported immediately to the state’s Board of Accounts. Exceptions shall be made for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the town.
(B) All erroneous or irregular variances, losses, shortages or thefts shall be reported immediately to the town’s Clerk-Treasurer. The town’s Clerk- Treasurer shall maintain records and documentation concerning erroneous or irregular variances, losses, shortages or thefts in accordance with generally accepted accounting principles and the internal control standards provided by the state’s Board of Accounts.
(C) The town’s Clerk-Treasurer shall investigate all erroneous or irregular variances, losses, shortages or thefts, regardless of whether they meet the materiality threshold established by this section. Upon conclusion of each such investigation, the town’s Clerk-Treasurer shall:
(1) Implement procedures designed to prevent the recurrence of such incidents; and
(2) Take appropriate disciplinary action against the employee responsible for the incident; consult with the Town Council if necessary.
(Ord. 2016-12, passed 6-14-2016)