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Whenever there are moneys in the Treasury of the City which shall not be required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank, be invested in obligations of the City, or bonds, treasury notes, certificates or other obligations of the United States of America or those for the payment of principal and interest for which the faith of the United States is pledged, and bonds of the State of Ohio and any political subdivisions of the State. Such investments shall not be made at a price in excess of the current market value of such bonds or other interest-bearing obligations. Such bonds or other interest-bearing obligations may be sold for cash and for a sum not less than their current market price, in the manner prescribed in Ohio R.C. 731.57 to 731.59, inclusive. The procedure for making such investments shall be that set forth in Ohio R.C. 731.57 and the Mayor, Director of Law and Director of Finance are authorized and empowered to act pursuant to such statute. The Director of Finance shall maintain a Treasury Investment Account as provided in Ohio R.C. 731.58 and shall be custodian of any securities purchased by reason hereof.
(Ord. 5-1958. Passed 1-6-58; Ord. 86-2012. Passed 6-4-12.)
(a) The Director of Finance is hereby authorized, empowered and directed to designate an estimated aggregate amount of active deposits of public moneys of the City.
(b) The Director of Finance shall declare to the Board of Control that funds of the City shall be designated inactive funds.
(c) The Director of Finance shall request application for interim deposits from all financial institutions located in the City known to be eligible. Such bids shall be in accordance with specifications on file in the office of the Director of Finance, and in accordance with the laws of the State.
(d) The Director of Finance shall deposit the interim and active funds of the City in a financial institution as provided by the laws of the State.
(e) The inactive funds of the City shall be deposited by affirmative action of the Board of Control in financial institutions as provided by the Uniform Depository Act.
(f) The specifications on file in the office of the Director of Finance are hereby approved.
(Ord. 225-1977. Passed 10-3-77.)
Interest earnings from the various funds held in the name of the City, excluding the Euclid Endowment Fund, shall be credited to the General Fund unless said interest earnings are to be distributed in a manner provided by State or Federal law or by the terms of a trust, will, agreement or trust indenture. In the case of the Euclid Endowment Fund, all interest generated by that Fund shall be deposited in that Fund.
The Finance Director is authorized and directed to establish such holding funds as are necessary to carry out the purpose and intent of this section.
(Ord. 159-1994. Passed 6-6-94.)
The Finance Director is hereby authorized and directed to deposit into the Euclid Endowment Fund the proceeds from the sale of any City-owned real property. The amount to be deposited shall be the sale price for the property, less any costs incurred by the City in selling the property.
(Ord. 160-1994. Passed 6-6-94.)
(a) Whenever an ordinance is presented to Council for consideration, which ordinance will appropriate public funds or amend an earlier appropriation ordinance, the Finance Director shall, no later than seventy-two hours prior to the commencement of any scheduled meeting at which the ordinance is to be considered, provide in writing to each member of Council the following information:
(1) An exact copy of the then-current estimate of resources, prepared by the Director of Finance and filed with the Office of County Auditor pursuant to Ohio R.C. 5705.36; and
(2) An explanation, prepared and signed by the Director of Finance, showing the source or sources of any additional funds required in order to fund any increase in the appropriation ordinance. In the event the appropriation ordinance is to be reduced, the Finance Director shall explain, subject to the same time requirements cited above, the fund surplus created thereby.
The purpose of this requirement is to permit Council to compare the level of appropriation and any increase thereof, submitted to them prior to approval, with the amount of funds available to the City or anticipated by the City as reported to the County Auditor. Further, an additional objective of this requirement is to provide Council, whenever it acts on an appropriation ordinance, with the appropriate and necessary information about the amount of funds available to the City so that Council may properly consider any proposed increase in expenditures as part of its duty to oversee and regulate the appropriation and expenditure of public funds.
(b) The Finance Director shall supply Council with a copy of all amendments to the Certificate of Resources provided to the County Auditor pursuant to State law no less than ten days after said amendments are filed with the County Auditor.
(Ord. 156-1994. Passed 6-6-94.)
(a) An Audit Committee consisting of four members shall be formed to provide an independent advisory group to review annual un-audited financial reports submitted to the Auditor of State; to provide periodic review of information used in the preparation of interim financial reports; to review the annual financial audit report; to review plans for implementation of audit recommendations; and to serve as a liaison between the Administration, Council, and independent auditors.
(b) One member shall be a member of Council. Once appointed, the members of Council shall serve until such time as a successor is appointed.
(c) Three members, electors of the City, shall be nominated by the Mayor and subject to confirmation by the Council. These members of the Audit Committee shall possess backgrounds in law, finance or business planning and shall serve terms of two years and may be reappointed as provided herein.
(d) The Audit Committee should meet on a quarterly basis, including meeting with the independent auditors prior to and after the annual audit. The Director Finance will provide a schedule for such meetings. The Committee may meet at any time by call of a majority of the Committee members.
(Ord. 236-2007. Passed 12-3-07.)