12.02 - Amendment to Accounting and Reporting Procedures

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Q. GENERAL POLICIES 1. Checks that don't clear the bank — If a check has not cleared the Bank in six months, the City reserves the right to stop payment on the check. The city will issue a new check; however, the stop payment banking fee will be deducted from the original check amount. This deduction will not apply to payroll checks. 2. Capital Expenditures — Any employee making a capital expenditure over $5,000 is required to receive at least two quotes for such expenditure. 3. Collection Agency — Utility charges that cannot be recovered by certifying the charges to taxes will be turned over for collection to a collection agency when they are three- months past due. Delinquent bills not related to utility charges will also be turned over to a collection agency when they are three - months past due. All accounts will be reviewed on a quarterly basis. 4. Capital Outlay Carryover — This budget line item is for the purpose of designating monies for future projects, programs, or equipment. S. Year End Expenditures — Ifan invoice has a billing period that crosses over two years (December & January. the City will book the expenditure within the year that has the majority of the billing period days (50% or more Adopted by the City Council of Pequot Lakes this 5th day of April, 2005 Amended by the City Council of Pequot Lakes this 6th day of June, 2006 Amended by the City Council of Pequot Lakes this Stn day of July, 2006 Amended by the City Council of Pequot Lakes this 2nd day of January, 2007 Amended by the City Council of Pequot Lakes this 3rd day of March, 2008 Amended by the City Council of Pequot Lakes this 1 St day of December, 2008 Amended by the City Council o Pequot Lakes this 7`h day of December 2010 12 -1 -08 ACCOUNTING AND REPORTING POLICIES (amendments): 11/29/2010 8