Discussion and Review of Tiffin Municipal Code Revisions — City Staff Updates

CHAPTER 7 FISCAL MANAGEMENT 7.07 ACCOUNTING. The accounting records of the City shall consist of not less than the following: I. Books of Original Entry. There shall be established and maintained books of original entry to provide a chronological record of cash received and disbursed. 2. General Ledger. There shall be established and maintained a general ledger controlling all cash transactions, budgetary accounts and for recording unappropriated surpluses. 3. Checks. Two signatures are required on all City checks. Checks shall be signed by any two of the following: Clerk/Administrator and Mayor or, Mayor Pro Tem, following Council approval, except as provided by Subsection 5 of ft1is section. 1 4. Budget Accounts. There shall be established such individual accolliijtS to record receipts by source and expenditures by program and actJi-�ty\as •wj;]l g, 36vicle adequate information and control for budgeting purposes as plaited alld a�proved by the Council. Each individual account shall be maintained within its J·of>.@r fund and so kept that receipts can be immediately and directly co npated with re�efuie estimates and expenditures can be related to the authorizing appr0J;Jtiat10n. No:.,expenditure shall be posted except to the appropriation for the function and pu pose for which the expense was incurred. \ V 5. Immediate Payment Authorized. The Council may by resolution authorize the Clerk to issue checks for immediate payment of amod!1ts clue. which if not paid promptly would result in loss of disc-�.unt'-,f) enalty}for late payment or additional interest cost. Any such paymen ts made shall b' reported to the Council for review and approval with and in the;!�e manner,... as other claims at the next meeting following such payment. Thwre olution authorizing immediate payment shall specify the type of payment so auth�rizea and may include (but is not limited to) payment of utility bills, contractual 6bli�ations, payroll, and bond principal and interest. >::.. ,· 6. Utilities. TCe"'fmance officei shall perform and be responsible for accounting functions of the municipa11�o"';.necl utilities. 1 r------- 7.08 . 'if FINA ClA-b R'EPQR:t'St' The finance officer shall prepare and file the following financial repo')_: :) I. Monthly Reports. There shall be submitted to the Council each month a regort s11owi'ng...f1fe activity and status of each fund, program, sub-program, and ,,.,,ac1'iv1i"t).' for tJ1.e preceding month. ,,, � Annual /' Report. Not later than December I of each year there shall be r", 2. J ,published an annual report containing a summary for the preceding fiscal year of all co'�ettions and receipts, all accounts clue the City, and all expenditures, the current pLiblic debt of the City, and the legal debt limit of the City for the current fiscal year. The Annual Financial Report shal I be prepared on forms and pursuant to instructions prescribed by the uclito� State. Beginning with the Annual Financial Report published by�JbeJ I , each report shall include a list of bonds. notes. or other obligations issued by the ity during the most recently com letecl,.fisc�--;i'e�r, n and the applicable lists for other fiscal years beginning on or after July I ��or which obligations remain unpaid, payable from any source, including the amount of the issuance, the project or purpose of the issuance, whether the issuance was approved at election, eligible to be subject to a petition for an election. or was exempt from approval at election as the result of statutory exclusions based on population of CODE OF ORDINANCES, TIFFIN, IOWA - 53 -