(A) The materiality threshold at which point the city reports incidents of material variances, losses, shortages, or thefts to the State Board of Accounts is:
(1) A one-time cash loss of at least $500;
(2) A recurring cash loss of at least $500 average per month;
(3) A value of $500 for a one-time loss of assets; or
(4) A creation of additional liabilities of at least $500 average per month.
(B) All items not reported to the State Board of Accounts shall be resolved at the City Council level with appropriate documentation retained by the Clerk-Treasurer.
(C) The City Council will also consider I.C. 5-11-1-27(l), which requires public officials who have actual knowledge of or reasonable cause to believe that there has been a misappropriation of public funds to immediately send written notice of misappropriation to the State Board of Accounts and the prosecuting attorney.
(D) When irregular variance, loss, shortage, or theft is determined material pursuant to the city’s policy on materiality the Clerk-Treasurer must report the incident to the State Board of Accounts' website, where there is a notification link, which allows public officials to report via e-mail material irregular variances, losses, shortages, or thefts. Telephone and in person reporting is also acceptable.
(E) Reports will be followed up with a return e-mail or call to gather additional information as necessary. All reports of irregular variances, losses, shortages, or thefts are maintained by the State Board of Accounts.
(Ord. 896-2016, passed 11-14-2016)