The following accounting controls are hereby authorized to be designed, implemented and followed by all town officials, employees, and agents of the town to provide reasonable assurances that town assets are safeguarded for the benefit of the town and its residents, namely:
(A) Capital expenditures made by the town, its various departments and utilities, shall be in accordance with appropriate authorization, as documented in the minutes;
(B) Transactions of the utilities shall be recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles;
(C) Adequate detail records be maintained to assure accountability for town and utility-owned assets;
(D) Access to assets be permitted in accordance with management's authorization;
(E) The recorded accountability for assets be compared with the existing assets at least every two years, and appropriate action be taken with respect to any discrepancies.
(Ord. 154, passed 2-20-2007)