The Director of Finance shall establish and maintain an accrual system of accounting which shall reveal at all times not only the cash position of the municipality, but also the revenue and income anticipated and the obligations outstanding and unpaid. No public official or employee may create an obligation against the municipality by oral agreement. Purchases shall be made by written purchase order, signed by the purchasing agent, and agreements for construction work or for personal services shall be by written contract or appointment signed by the Manager or an administrative official of the municipality designated by the Manager. No purchase order or contract shall be valid as an obligation of the municipality unless it bears a certificate signed by the Director of Finance that the estimated amount thereof has been entered as an encumbrance in the accounts against an allotment based on a valid appropriation.
(Amended 11-6-01)