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(a) No expenditure of City funds shall be made unless authorized by Council. No expenditure of City funds shall exceed the amount appropriated by Council in its annual appropriations ordinance, or authorized by other ordinances or resolutions.
(b) At the close of each fiscal year, the unencumbered balance of each appropriation in the annual appropriation ordinance and its supplements shall revert to the respective fund from which it was appropriated and be subject to future appropriation.
(c) When contracts, leases or unexpended encumbered funds run beyond the termination of the fiscal year for which they were made, the Finance Director shall make a certification to Council of the amounts required to meet the obligations under such contracts, leases or unexpended encumbrances. This certification shall show the account number, the account description as contained in the annual appropriation ordinance, and the amount of the contracts, leases or unexpended funds. Council shall, upon the enactment of separate ordinances, add the amounts listed to the annual appropriation ordinance for the next year.
(ORC 5705.44; Ord. 91-54. Passed 8-12-91.)
(a) The Director of Finance is hereby authorized to periodically review the list of accounts receivable in the City records, such periodic review to be not less than annually, and at such other times which are within the Director of Finance's normal discretion, for the purpose of determining if any are uncollectible. Ability to collect shall be determined by the age of the debt, the attempts previously used to collect said debt, and the necessity and type of possible court action taken or to be taken for collection.
(b) Upon the review of said accounts and the compilation of a list of accounts deemed uncollectible, the Director of Finance shall send to the Director of Law the list and information collected. The Director of Law shall then review that list to determine whether collection attempts would be legally futile, with particular attention to the Ohio Revised Code's statute of limitations.
(c) Upon the signature of both the Director of Finance and Director of Law, the Director of Finance is then permitted to write off such accounts as bad debts.
(Ord. 94-97. Passed 12-19-94.)
The Director of Finance shall write off all uncashed checks issued by the City which are more than one year old and place the monetary amount of the uncashed checks into the General Fund. The Director of Finance shall provide an annual report to Council which identifies the monetary amount and number of uncashed checks written off pursuant to this section.
(Ord. 97-35. Passed 6-2-97.)
(a) The deposit or investment of public moneys under the control of the City shall be controlled by this section and not by Ohio R.C. Chapter 135.
(b) The terms used herein shall have the same meaning as defined in Ohio R.C. 135.01.
(c) The Director of Finance shall on a five-year basis, prepare a written estimate of the amount of public moneys to be awarded as inactive deposits, active deposits, and interim deposits for the following five calendar years. A copy of this written estimate, along with written bidding instructions prepared by the Director in compliance with this section shall be delivered by the Director to each bank as defined in Ohio R.C. 1101.01(B) and to each building and loan association as defined in Ohio R.C. 1151.01(A) having an office within the corporate limits of the City no sooner than November 1 and no later than November 30 of the preceding year.
(d) Any financial institution described in subsection (c) hereof desiring to be designated as the depository of active funds for the following five calendar years shall deliver in writing to the Director of Finance, no sooner than December 1 and no later than December 10, a bid containing all terms of the commercial account or accounts being offered to the City subject to check. The Director shall accept the single best bid considering all appropriate factors in his discretion and shall award the active deposits to one financial institution accordingly, giving notice to the selected institution no later than December 20.
(e) Any financial institution described in subsection (c) hereof desiring to be designated as the depository for inactive funds for the following one to five calendar years shall deliver in writing to the Director of Finance, no sooner than December 1 and no later than December 10, a bid containing all of the terms of the investment or investments being offered to the City for periods of not less than one year nor more than five years. The Director shall accept the best bid or combination of bids considering all appropriate factors in his discretion and shall award the inactive deposits accordingly, giving notice to the selected institution or institutions not later than December 20.
(f) The Director of Finance shall solicit oral or written bids from each financial institution described in subsection (c) hereof for the award of interim funds from time to time as needed. The Director shall select the best bid or bids from one or more financial institutions considering all appropriate factors in his discretion and shall give immediate notice to those institutions selected for interim deposits and proceed immediately with the necessary financial transactions.
(g) The Director of Finance, before making any deposit or investment of public moneys, shall require the subject institution to pledge to the City and deposit with the Director a security for the repayment of said deposits, eligible securities as defined by Ohio R.C. 135.18(B) of aggregate market value equal to or greater than the difference between the total of the City’s deposits with said financial institution and the amount of said deposits which is insured by the Federal Deposit Insurance Corporation or other such agency of the federal government. The financial institution may satisfy this obligation by giving written notice to the Director designating an appropriate trustee to hold the necessary securities for the account of the City and the institution as a public depository as their respective interests appear. Upon receipt of a written description of such securities from said trustee, the Director and all parties concerned shall deem the described securities to be pledged to the City and deposited with the Director. The Director may require, instead of the previously described securities, a surety company bond with a company and in such form as is acceptable to the Director to secure the repayment of deposited public moneys.
(h) The Director of Finance shall be relieved from any liability for the loss of any public moneys deposited or invested pursuant to and in compliance with this section, including but not limited to losses occasioned by the sale of any instruments, securities or obligations, the closing of any deposit accounts, or the failure of any depository.
(i) The Director of Finance shall comply with this section as nearly as practicable for the earliest possible time period.
(Ord. 00-51. Passed 8-21-00.)
(a) All public officials of the City, which means any officer, employee, or duly authorized representative or agent of a public office, shall deposit all public moneys received with the properly designated depository of the City by the next business day following the day of receipt if the total amount of such moneys received exceeds one thousand dollars ($1,000). If the total amount does not exceed one thousand dollars ($1,000), then the public official shall deposit all public moneys received with the properly designated depository of the City within two business days following the day of receipt.
(b) All public moneys shall be placed in the City’s fireproof vault until the time of deposit.
(Ord. 00-53. Passed 9-5-00.)
The qualifications for the position of Director of Finance shall be based on his or her executive, administrative, and financial abilities. Such abilities shall be judged by the adequacy and extent of his or her education, training and experience in private or public administration, finance and accounting.
(Ord. 05-40. Passed 8-1-05.)
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