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The City's policy regarding the financial reporting for special and extraordinary <br /> items is that it will be reported separately on the government-wide financial <br /> statements, if applicable, in accordance with the definitions provided in GASB 34. <br /> O. IMMEDIATE PAYMENT OF CLAIMS <br /> The City Clerk/Treasurer is authorized to make immediate payment of claims for <br /> those claims where late fees or penalties cannot be avoided, per MN Statutes <br /> 412.271, Subd. 8 and 471.425, Subd. 2. Claims that have been paid in this <br /> manner shall be added to the check register for Council approval at the next <br /> regular Council meeting. <br /> P. PETTY CASH <br /> Petty cash is generally reserved for reimbursements to employees for small <br /> purchases made on behalf of the City. Receipts are required for reimbursement <br /> and must be attached to the petty cash form and signed by the employee and <br /> department head. The cash drawer will be maintained to a maximum of$200. <br /> Q. PURCHASES <br /> City department heads have the authority to make purchases for budgeted <br /> expenditures that are at or below budget. <br /> For purchases less than $25,000 the department head has the discretion to make <br /> the purchase by obtaining quotations or by simply buying the item on the "open <br /> market." If the department head chooses to obtain quotations, he/she must get at <br /> least two quotations and keep them on file for at least one year after the receipt <br /> thereo£ The department head has the authority to make the decision as to which <br /> quote to accept if the item purchased is budgeted and the cost is not over budget. <br /> Purchases over $25,000 but under $100,000 will require the department head to <br /> get at least two quotations and to keep the quotations on file for a period of at <br /> least one year after receipt thereof. The department head must also check with the <br /> state cooperative purchasing venture to consider availability, price and quality of <br /> supplies, materials, or equipment available through the state's cooperative <br /> purchasing venture before purchasing through another source. The department <br /> head can use the state cooperative purchasing venture as one of the quotes if <br /> desired. The department head has the authority to make the decision as to which <br /> quote to accept if the item purchased is budgeted and the cost is not over budget. <br /> If the estimated price of the purchase exceeds $100,000, the City must use the <br /> competitive bidding process. <br /> R. GENERAL POLICIES <br /> L Unclaimed (Outstandin�) Checks— Unclaimed checks will be processed in <br /> accardance with MN Statute 345, Unclaimed Property <br /> - 6 - <br />