Discussion and Review of Tiffin Municipal Code Revisions – Preparation for Setting the Public Hearing — Tiffin City Code - DRAFT

CHAPTER 7 FISCAL MANAGEMENT 7.01 Purpose 7.06 Budget Amendments 7.02 Finance Officer 7.07 Accounting 7.03 Cash Control 7.08 Financial Reports 7.04 Fund Control 7.09 Setoff Program Provisions 7.05 Operating Budget Preparation 7.01 PURPOSE. The purpose of this chapter is to establish policies and provide for rules and regulations governing the management of the financial affairs of the City. 7.02 FINANCE OFFICER. The Clerk is the finance and accounting officer of the City and is responsible for the administration of the provisions of this chapter. 7.03 CASH CONTROL. To ensure the proper accounting and safe custody of monies the following shall apply: 1. Deposit of Funds. All monies or fees collected for any purpose by any City officer shall be deposited through the office of the finance officer. If any said fees are due to an officer, they shall be paid to the officer by check drawn by the finance officer and approved by the Council only upon such officer’s making adequate reports relating thereto as required by law, ordinance, or Council directive. 2. Deposits and Investments. All monies belonging to the City shall be promptly deposited in depositories selected by the Council in amounts not exceeding the authorized depository limitation established by the Council or invested in accordance with the City’s written investment policy and State law, including joint investments as authorized by Section 384.21 of the Code of Iowa. (Code of Iowa, Sec. 384.21, 12B.10, 12C.1) 3. Change Fund. The finance officer is authorized to establish a change fund for the purpose of making change without comingling other funds to meet the requirements of the office. 7.04 FUND CONTROL. There shall be established and maintained separate and distinct funds in accordance with the following: 1. Revenues. All monies received by the City shall be credited to the proper fund as required by law, ordinance, or resolution. 2. Expenditures. No disbursement shall be made from a fund unless such disbursement is authorized by law, ordinance, or resolution, was properly budgeted, and supported by a claim approved by the Council. 3. Emergency Fund. No transfer may be made from any fund to the Emergency Fund. (545 IAC 2.5(2)) 4. Debt Service Fund. Except where specifically prohibited by State law, monies may be transferred from any other City fund to the Debt Service Fund to meet CODE OF ORDINANCES, TIFFIN, IOWA - 49 -