10.09 - Finance Policies Amendments

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statements, if applicable, in accordance with the definitions provided in GASB #34. O. IMMEDIATE PAYMENT OF CLAIMS The City Clerk is authorized to make immediate payment of claims for those claims where late fees or penalties cannot be avoided, per MN Statutes 412.271, Subd. 8 and 471.425, Subd. 2. Claims that have been paid in this manner shall be added to the check register for Council approval at the next regular Council meeting. P. PETTY CASH Petty cash is generally reserved for reimbursements to employees for small purchases made on behalf of the City. Receipts are required for reimbursement and must be attached to the petty cash form and signed by the employee and department head. The cash drawer will be maintained to a maximum of$200. Q. PURCHASES City department heads have the authority to make purchases for budgeted expenditures that are at or below budget. Non-budgeted or over budget expenditures require City Council authorization. A capital expenditure over $5,000 is required to receive at least two quotes and the department head has the authority to make the decision on which bid to accept. R. GENERAL POLICIES 1. Unclaimed(Outstanding) Checks—Unclaimed checks will be processed in accordance with MN Statute 345, Unclaimed Property. If a check has not deduction will not apply to payroll checks. . .. 2. Collection Agency—Delinquent bills 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. All accounts will be reviewed on a quarterly basis. 3. Year End Expenditures—If an 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). - 8 -