Chapter 7 – Fiscal Management

CHAPTER 7 FISCAL MANAGEMENT 7.01 Purpose 7.05 Operating Budget Preparation 7.02 Finance Officer 7.06 Budget Amendments 7.03 Cash Control 7.07 Accounting 7.04 Fund Control 7.08 Financial Reports 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 assure the proper accounting and safe custody of moneys the following shall apply: 1. Deposit of Funds. All moneys 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 moneys 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. Petty Cash Fund. The finance officer shall be custodian of a petty cash fund for the payment of small claims for minor purchases, collect-on-delivery transportation charges, and small fees customarily paid at the time of rendering a service, for which payments the finance officer shall obtain some form of receipt or bill acknowledged as paid by the vendor or agent. At such time as the petty cash fund is approaching depletion, the finance officer shall draw a check for replenishment in the amount of the accumulated expenditures and said check and supporting detail shall be submitted to the Council as a claim in the usual manner for claims and charged to the proper funds and accounts. It shall not be used for salary payments or other personal services or personal expenses. 7.04 FUND CONTROL. There shall be established and maintained separate and distinct funds in accordance with the following: 1. Revenues. All moneys 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.