(A) It will be the policy of the Clerk-Treasurer of the city to report to the State Board of Accounts any erroneous or irregular variances, losses shortages or thefts of cash in excess of $500. In addition, all erroneous or irregular variances, losses, shortages, or thefts of cash which occur more than one time in a month and which the aggregate total is $500 or more shall be reported immediately to the State Board of Accounts. Exceptions shall be made for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the city and/or the utility;
(B) It will be the policy of the Clerk-Treasurer to report promptly to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of non-cash items in excess of $5,000 estimated fair market value, except for those resulting from inadvertent clerical errors or misplacements that are identified timely and promptly corrected with no loss to the city and/or the utility, and except for losses from genuine accidents;
(C) All erroneous or irregular variances, losses, shortages, or thefts shall be reported immediately to the Clerk-Treasurer. The city and the utility shall maintain records and documentation concerning erroneous or irregular variances, losses, shortages, or thefts in accordance with generally accepted accounting principles and the internal control standards provided by the Indiana State Board of Accounts; and
(D) The city and the utility shall investigate all erroneous or irregular variances, losses, shortages or thefts, regardless of whether they meet the materiality threshold established by this chapter. Upon conclusion of each such investigation, the city and/or the utility shall:
(1) Implement procedures designed to prevent the recurrence of such incidents; and
(2) Take appropriate disciplinary action against the employee responsible for the incident.
(Ord. 2016-9, passed 6-2-16)