The city treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the funds of the city are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that: a) the cost of a control should not exceed the benefits likely to be derived, and b) the valuation of costs and benefits requires estimates and judgments by management.
Accordingly, the city treasurer shall establish a process for independent review by such means as established by the general financial policies and procedures of the city. This review shall address the following points:
A. Control of collusion.
B. Separation of transaction authority from accounting and recordkeeping.
C. Custodial safekeeping.
D. Avoidance of physical delivery securities.
E. Written confirmation of transactions for investment and wire transfers.
F. Development of a wire transfer agreement with the lead bank and third party custodian. (Eff. 4-4-2016)