2-32-260 Department accounting duties – Inventories.

   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)

2-32-270 Financial statements.

   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)

2-32-280 Inventory requirements.

   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)

2-32-290 Audits – Inventory of funds.

   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)

2-32-300 Expenditure restrictions.

   No expenditure shall be made from any working capital fund or liability incurred against it, (a) in excess of the cash on hand and warrants for collection less voucher warrants outstanding; (b) for any object or purpose not authorized in the annual appropriation ordinance; (c) for any item for which reimbursement may not be reasonably expected. No purchases for stock and for issuance therefrom shall be made in quantities in excess of the lowest practicable needs, except when justified to secure lower prices in quantity purchases or under special market conditions, as determined by the controlling department head.

(Prior code § 7-24.6)

2-32-310 Requisitions and purchase orders.

   No materials or services shall be furnished through any working capital fund except on requisition or purchase order chargeable to an appropriation with a sufficient unencumbered balance to pay the estimated cost thereof, or unless a special cash deposit has been made therefor. The controlling department head, in his discretion, may accept in lieu of a special cash deposit an agreement to reimburse the working capital fund for the cost of the materials or services. All requisitions and purchase orders involving intradepartment transactions shall be approved by the head of the department for propriety and sufficiency of the appropriation to which they are chargeable. All requisitions and purchase orders involving interdepartment transactions shall be likewise approved by the comptroller.

(Prior code § 7-24.7)

2-32-320 Charges for materials or services – Basis.

   The charges for materials or services furnished through any working capital fund shall be, in general, on the basis of cost to the working capital fund, which cost shall include overhead or indirect charges on a percentage basis or in the rates charged. Any charges for expense included in a warrant for collection, the cost of which is not borne by the working capital fund, shall be credited to the proper fund or accounted for separately. The overhead or indirect expense chargeable shall be on a percentage basis or on the basis of rates set forth for the working capital fund in the annual appropriation ordinance, except when otherwise directed by the city council.

(Prior code § 7-24.8)

2-32-330 Reimbursement of charges.

   The working capital fund shall be promptly reimbursed for all materials and services furnished. Warrants for collection shall be issued promptly upon the completion of a job or the furnishing of services or the delivery of materials, or for partial completion of jobs at the close of payroll periods. Such warrants shall be vouchered immediately by the receiving department and charged against the proper appropriation account or the special cash deposit, as the case may be. Warrants for collection not vouchered within 15 days after receipt by the department shall be vouchered by the comptroller after notice to the head of the department of intention so to do.

(Prior code § 7-24.9)