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Working capital funds heretofore established or which may be established hereafter shall be maintained and used subject to the conditions and limitations hereinafter provided and to such other conditions and limitations as may be provided in the annual appropriation ordinance for each of the working capital funds. On and after January 1, 1981, no working capital fund or account shall be established except by ordinance.
(Prior code § 7-24.1)
The department controlling the activities of any working capital fund shall keep books of accounts and records as will reflect the true status and operations of the fund under such forms and methods as shall be prescribed by the city comptroller. A perpetual inventory record of stock shall be maintained showing quantities received, issued and on hand at all times and the prices therefor. The inventory record shall show the written authority upon which all entries therein are made.
(Prior code § 7-24.2)
Financial statements consisting of a balance sheet as of the end of each calendar year and a statement of operation of the working capital fund shall be prepared by the controlling department under direction of the city comptroller and be forwarded by the comptroller to the committee on finance of the city council at the close of each fiscal year.
(Prior code § 7-24.3)
A physical inventory shall be made by the controlling department of the stock on hand in the working capital fund at least once each year and any variations of the physical count and the book inventory record shall be recorded in the inventory record upon authority of the head of the department subject to the approval of the comptroller.
(Prior code § 7-24.4)
The comptroller shall make periodic examinations or audits of the books and records and particularly make cycle checks of the physical inventory of each working capital fund, so that within each year ending September 30th the comptroller will have made a complete examination or audit of all the funds. The comptroller shall also make a report of his activities covering such examinations, audits and inventory checks to the committee on finance by the first day of October of each year.
(Prior code § 7-24.5)
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