(A) (1) I.C. 5-11-1-27(j) requires erroneous or irregular material variances, losses, shortages or thefts of political subdivision funds or property shall be reported immediately to the State Board of Accounts.
(2) State Examiner Directive 2015-6 directs each political subdivision to determine its own policy on materiality.
(3) The Town Council does not condone any erroneous or irregular material variances, losses, shortages or thefts of political subdivision funds or property, but recognizes that relatively small items may not justify the cost of the involvement of the State Board of Accounts.
(4) The Trustee has issued a directive, attached hereto as an Appendix, stating a policy on materiality and a process for reporting material items.
(B) (1) The Town Council hereby endorses the Trustee’s declaration, attached as an Appendix and adopted by reference as if codified at length herein, regarding a policy on materiality and a process for reporting material items.
(2) The Town Council calls upon the Trustee and all Town officials, employees and agents to enforce and comply with the policy on materiality and process for reporting material items and to report noteworthy items to the Town Council.
(3) The Town Council directs the Clerk-Treasurer to monitor, as it deems necessary, compliance with the policy on materiality and process for reporting material items and report noteworthy items to the full Town Council.
(4) The Town Council asks the Trustee to advise the Town Council of any changes in the policy on materiality and process for reporting material items.
(Res. 2016-1, passed 2-1-2016)