7.02 DEFINITIONS.

   [Reserved for future use.]

7.03 FINANCE OFFICER.

   The Clerk is the finance officer of the City and is responsible for the administration of the provisions of this chapter.

7.04 CASH CONTROL.

   To assure the proper accounting and safe custody of moneys the following shall apply:

      1.   Deposit of Funds.  All moneys or fees collected for any purpose by any City officer shall be deposited through the office of the finance officer.

      2.   Deposits and Investments.  All moneys belonging to the City shall be promptly deposited in depositories selected by the Council in amounts not exceeding the authorized depository limitation established by the Council or invested in accordance with the City’s written investment policy and State law, including joint investments as authorized by Section 384.21 of the Code of Iowa.

(Code of Iowa, Sec. 384.21, 12B.10, 12C.1)

      3.   Petty Cash Fund.  The finance officer may establish petty cash funds as needed for operation of the City.

7.05 FUND CONTROL.

   There shall be established and maintained separate and distinct funds in accordance with State recommendations: 

      1.   General Funds

      2.   Special Revenue Funds

      3.   Debt Service Funds (Except where specifically prohibited by State law, moneys may be transferred from any other City fund to the Debt Service Fund to meet payments of principal and interest.)

      4.   Capital Project Funds

      5.   Permanent Funds

      6.   Governmental Activities

      7.   Enterprise/Business Funds

      8.   Internal Service Funds

      9.   Fiduciary Funds (Non-Budgetary)

7.06 REVENUES.

   All moneys received by the City shall be credited to the proper fund as required by law, ordinance or resolution.