(A) All erroneous or irregular variances, losses, shortages, or thefts of Town subdivision funds or
property, or funds or property the town holds in trust, shall be reported to the President of the Town Council or his or her designee promptly upon discovery.
(B) It will be the policy of the town to report to the State Board of Accounts any erroneous or irregular variances, losses, shortages or thefts of cash in excess of $500, except for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the town.
(C) It will be the policy of the town to report promptly to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of non-cash items in excess of $1,000, estimated market value, except for those resulting from inadvertent clerical error or misplacements that are identified timely and promptly corrected with no loss to the town, and except for losses from genuine accidents.
(D) All town elected officials are expected, and all town employees and agents are directed, to comply with this policy.
(Res. 2016-02, passed 2-16-2016)