(A) The materiality threshold for the town shall be $500. If the erroneous or irregular variance, loss, shortage or theft is not cash or a cash equivalent, the value of the item at the time of the variance, loss, shortage or theft shall be used to determine whether materiality threshold has been met.
(B) All erroneous or irregular variances, losses, shortages or thefts of $5,000 or more shall be reported immediately to the State Board of Accounts. In addition, all erroneous or irregular variances, losses, shortages or thefts which occur more than three times in a month and which, in the aggregate, total $5,000 or more shall be reported immediately to the State Board of Accounts.
(C) A town employee or public officer who has knowledge of or reasonable cause to believe that there has been a misappropriation of public funds or assets of the public office shall immediately send written notice of the misappropriation to the State Board of Accounts and the County Prosecuting Attorney.
(D) The town shall maintain records and documents 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 Board of Accounts.
(E) The Town Council calls upon the Clerk-Treasurer and all town officials, employees and agents to enforce and comply with the policy on materiality and process for reporting material items and report noteworthy items to the Town Council.
(Ord. 2016-11, passed 12-5-2016) Penalty, see § 33.999