(A) The town hereby adopts the internal control policy attached to Ordinance 2020-3 and is hereby incorporated by reference as if set out in full.
(B) The Clerk-Treasurer is directed to ensure that all personnel receive training concerning the internal control procedures adopted and approved.
(C) A Cash Change Fund is established to contain $250 from the Water Account Fund, such fund to maintained by the Clerk-Treasurer and returned from the counter to the safe daily together with a log of all transactions.
(D) A Petty Cash Fund is established to contain $250 from the General Fund, such fund to be maintained by the Clerk-Treasurer and reconciled monthly with a log of all transactions.
(E) The Clerk-Treasurer is authorized to pay recurring claims in the amount of $25,000 or less as contained in the spreadsheet attached to Ordinance 2020-3 as Exhibit B.
(F) The town hereby adopts a materiality threshold of $250 for purposes of the Cash Change and Petty Cash Funds and a materiality threshold of $500 for purposes of the payment of recurring claims and a materiality threshold of $15 for all other money transactions under the internal control procedures adopted and approved herein.
(Ord. 2020-3, passed 2-20-2020)