§ 35.02  MATERIALITY AND PROCESS FOR REPORTING MATERIAL ITEMS.
   (A)   All erroneous or irregular variances, losses, shortages or thefts of town funds or property, or funds or property the town holds in trust, shall be reported to the Clerk-Treasurer and Town Council President or his or her designee promptly.
   (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 $200, 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 $300, estimated market value, except for those resulting from inadvertent clerical errors or misplacements that are identified timely and promptly corrected with no loss to the town, and except for losses from genuine accidents.
   (D)   All elected town officials shall, and all town employees and agents are, directed to comply with this policy.
(Ord. 2016-003, passed 3-14-2016)