I-3 - Resolution 2025-066 - Update the Petty Cash & Change Fund and Policies on use

RESOLUTION 2025-066 A RESOLUTION TO UPDATE THE PETTY CASH/CHANGE FUND AND POLICIES ON USE THEREOF WHEREAS, the City of Tiffin City intends by this Resolution to adopt a system for the authorization, control, implementation and the administration of a Petty Cash/Change Fund by City Hall Employees and Concession Employees; and WHEREAS, the City Council of the City of Tiffin City desires to approve and adopt the policy and procedures for a Petty Cash/Change Fund as being in the best interest of the City of Tiffin City; NOW, THEREFORE BE IT RESOLVED that the City Council shall implement the following policies and procedures for the authorization, control, implementation and administration of a petty cash fund by City Hall Employees and Parks Employees as follows: ESTABLISH AND ADMINISTER PETTY CASH AND CHANGE FUNDS Purpose: To establish official procedures and guidelines for Petty Cash/Change Fund for City Hall and Concession employees. Definitions: 1. Petty Cash – A sum of money set aside for the purpose of paying small obligations for which the issuance of a payment request and warrant would not be cost-effective. 2. Change Fund – A sum of money set aside for the purpose of making change where cash is collected. 3. Custodian – Person in charge of balancing said fund; this being the City Clerk for City Hall and the Recreation Director. Policies: 1. The Petty Cash and Change Fund will be one in the same further known as Petty Cash. 2. Petty cash funds shall be balanced monthly, by the custodian, then verified and signed by the City Clerk or Deputy City Clerk. All copies of the balanced monthly sheet shall be kept for yearly audit review. 3. At the end of each month, the petty cash fund for the City Hall shall be reimbursed to its imprest amount of $200. The Concessions shall be reimbursed to its imprest amount of $800. 4. City Hall Change Fund shall be reconciled daily, and deposits shall be made daily to the City’s Financial Institution. 5. Park Concessions Change Fund shall be reconciled daily and shall not exceed $800. Concessions will make deposits daily as needed 6. Petty Cash shall be used for legitimate City purchases only. 7. Petty Cash shall not be used for personal cash advances or to cash personal checks.