(A) Annual financial statements. The Department of Finance shall prepare, on an annual basis, financial statements for the various risk management internal service funds. The financial statements will be prepared, using the accrual basis of accounting, in accordance with generally accepted accounting principles. Financial position and results of operations of each fund will be presented in accordance with guidelines recommended by the RMAS.
(B) Disagreement; Director of Finance as final arbiter. In any circumstance in which a disagreement arises, among the RMAS, with respect to either an expense to be charged to a self-insurance internal service fund, or a financing source to be credited to an internal service fund, the Director of Finance shall be the final arbiter of any such disagreement. The Director of Finance shall cite, in writing, the reason(s) for the decision and relate the decision to GAAP and GASB-10.
(C) Responsibilities of the Finance and Audit Review Commission. The Finance and Audit Review Commission shall review, annually, all payments tendered from the accounts of the internal service funds, including settlements.
(Ord. passed 4-7-2003)