(A)   The “Uniform Internal Control Standards for Indiana Political Subdivisions” adopted by the State Board of Accounts under I.C. 5-11-1-27 that is attached to Ord. 5, 2016 as Exhibit A is hereby duly adopted by the Common Council.
   (B)   The City Controller shall review the standards, advise as to whether City policies are in compliance therewith, recommend to the Common Council any policies it should adopt to ensure compliance, and ensure that all appropriate personnel are trained on the Uniform Internal Control Standards.
   (C)   Pursuant to the State Board of Account’s recommendations on internal controls and based on representations from the City Controller, the City hereby sets a materiality threshold of $500 concerning irregular variances, losses, shortages, and/or thefts as referenced in I.C. 5-11-1-27(j).
(Ord. 5, 2016, passed 6-6-2016)