Be it ordained that accounting controls be designed and implemented to provide reasonable assurance that:
(A) Capital expenditures made by the town, its various departments and utilities be in accordance with management’s authorization as documented in the minutes.
(B) Transactions of the utilities be recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles.
(C) Adequate detail records be maintained to assure accountability for town and utility owned assets.
(D) Access to assets is permitted in accordance with management’s authorization.
(E) That recorded accountability for assets be compared with existing assets at least annually and appropriate action be taken regarding any differences.
(Ord. 2007-7, passed 6-18-07)