[Code 1975 §11.01; CC 1989 §2-236]
A.
The
Board of Aldermen, by resolution, shall select one (1) or more banking
institutions within the City as the legal depository of the public
funds of the City, and shall enter into a depository agreement that
the banking institution shall furnish approved securities, at its
own expense, of a value not less than one hundred percent (100%) of
the actual amount of the funds on deposit, and as deposited from time
to time. The amount of insurance furnished by the Federal Deposit
Insurance Corporation is and shall be acceptable security up to the
maximum amount secured by such insurance.
B.
The
depository, after approval of the securities furnished for the purpose
of securing the deposit of City funds, shall deliver the approved
securities, either to a named trustee or to the City Treasurer, for
safekeeping in a safe deposit box, selected by him/her exclusively
for such purpose, in the name of the City, and reported by him/her
in writing to the depository and the City Clerk.
[Code 1975 §11.02; CC 1989 §2-237]
A.
The depository agreement referred to in Section 145.010 shall provide that:
1.
The agreement may be canceled by ten (10) days' notice by either
party;
2.
The depository shall safely keep and pay on written evidences from
the City Treasurer on demand, but shall not pay to any other;
3.
The depository shall render to the City Treasurer each month, a statement
showing the daily balances of the funds including interest as a separate
item; and
4.
If the depository shall default in any manner in the performance
of the agreement, or shall fail to keep safely the money so deposited,
the Treasurer and/or the Board of Aldermen of the City shall be authorized
forthwith, without notice, to convert the securities into money at
public or private sale, or so much thereof as shall be necessary to
pay the amount on deposit in such depository.
B.
The
depository agreement shall be executed in sufficient numbers of exact
copies so that the Board of Aldermen, the City Treasurer, the City
Clerk and the trustee of the securities shall each be delivered a
copy.
C.
In
the event of the death, resignation, removal or mental incapacity
of the City Treasurer, the City Clerk shall notify immediately all
interested parties, including the safe deposit institution, the depository
and all executors, administrators, personal representatives, Aldermen,
and/or guardians of the City Treasurer, of the City interest in such
securities, and shall recover forthwith the control and custody of
such securities.
[Code 1975 §11.03; CC 1989 §2-238]
The City Treasurer shall cause money and checks received in
the name of the City to be deposited forthwith in the City Depository.
He/she shall cause receipts to be issued for all money paid to the
City from any source whatsoever. If any other officer or employee,
in the course of his/her duty, shall keep or maintain a sum, account
or deposit of money, whether or not the money belongs to the City,
or is held as a trust or security account, such Officer or employee
shall make a monthly accounting to the Treasurer and shall make his/her
books available to him/her. The Board of Aldermen, if it deems necessary,
may require the Treasurer to take over such accounts.
[Code 1975 §11.12; CC 1989 §2-240; Ord. No. 1140
§1, 10-26-1987; Ord. No. 2205 §1, 5-26-1998; Ord. No. 2699
§1 — 2, 5-15-2002; Ord. No. 2829 §2, 6-24-2003; Ord.
No. 3627 §2, 11-15-2011]
A.
The
Mayor and Finance Director each month shall examine and prepare an
approved list of all claims against the City. The Board of Aldermen
shall consider all claims upon such list and approve those which appear
just and due and shall order warrants drawn upon the Treasurer to
make payments thereof.
B.
A warrant
for payment drawn upon the Treasurer shall show the name of the person
holding the approved claim, the amount of money due as shown on the
approved claim, and if assignment is claimed, then such assignment
shall be written in upon the warrant, executed by the assignor and
endorsed by the assignee.
C.
The
Treasurer shall provide a bound volume of warrants with sequential
numbering and either stub or duplicate warrants as a permanent record.
No payment shall be made by the Treasurer except on a warrant properly
drawn in such bound volume. All approved warrants shall be paid in
the number order in which drawn.
D.
All
warrants shall be signed by the Mayor or, in his/her absence, by the
Acting President of the Board of Aldermen, and by the Finance Director
or, in his/her absence, the City Clerk.
E.
The
Finance Director shall have the duty to prepare all warrants for the
payment of compensation and wages to the officers, agents and employees
of the City. The Finance Director, on the warrant, shall deduct from
the total amount authorized to be paid to an officer, agent or employee,
for his/her respective pay period, a partial amount sufficient to
pay the Federal and State withholding tax and the contribution due
under the Federal Insurance Contributions Act (Social Security) and,
in addition, any and all other taxes, legal obligations and/or deductions
required or permitted by law and/or ordinance. A non-mandatory deduction
shall have been authorized in writing by the officer, agent or employee
before the Finance Director makes such deduction.
F.
The
Board shall examine all claims of expense incurred or to be incurred
by an Alderman, officer, agent or employee in pursuit of his/her duty,
or for benefit of, or on behalf of the City, and shall order a warrant
to be issued in payment of all claims found to be properly incurred.
G.
The
Finance Director and the Chief of Police may maintain a cash fund
not in excess of five hundred dollars ($500.00) respectively for necessary
expenditures in the operation of his/her respective office, and he/she
shall keep an account of money expended therefrom and shall deliver
such account of expense to the Board of Aldermen from time to time
but not less frequently than once each month, and the Treasurer shall
replace the amount of money expended and reported if such expenditures
are approved by the Board of Aldermen as being proper and necessary
upon receipt of a warrant drawn payable to the respective person and
office so reporting.
H.
The
Mayor may maintain a cash fund not in excess of one thousand dollars
($1,000.00) for necessary emergency expenditures in the operation
of the City, and he/she shall keep an account of the money expended
therefrom, and shall deliver such account of expense to the Board
of Aldermen from time to time, but not less frequently than once each
month, and the Treasurer shall replace the amount of money expended
and reported if such expenditures are approved by the Board of Aldermen
as being proper and necessary upon receipt of a warrant drawn payable
to the Mayor.
I.
There
is hereby established a "Court Change Fund" in the amount of two hundred
dollars ($200.00) to be administered by the Finance Director. Said
fund shall be used to provide change, if necessary, when court fines
are paid in cash.
J.
There
is hereby established an "Administrative Change Fund" in the amount
of one hundred dollars ($100.00) to be administered by the Finance
Director. Said fund shall be used to provide change, if necessary,
when administrative fees are paid in cash.
[Code 1975 §11.13; CC 1989 §2-241]
A.
The
Treasurer shall cause duplicate receipts to be made in favor of the
proper person for all monies paid into the Treasury, one (1) of which
shall be delivered to the person entitled thereto, and the other to
be filed with the City Clerk for the Board of Aldermen; and the Treasurer
shall keep the books, papers and money pertaining to his/her office
at all times open for inspection by the Board of Aldermen or any member
thereof.
B.
The
Treasurer shall prepare or cause to be prepared monthly statements
of municipal revenue, expenditures, and current financial conditions.
Semiannual financial summaries shall also be prepared and published
as may be required by State law, or as often or in such manner as
may be required by the Board of Aldermen. Such reports shall be distributed
to the Mayor and Board of Aldermen.
C.
The
Treasurer shall, once every year, on or before the first (1st) Board
of Aldermen meeting in April, each year, settle his/her accounts with
the Board of Aldermen, and if he/she resigns or is removed from office,
or if he/she dies or becomes mentally incapacitated, he/she or his/her
executor or administrator or guardian shall immediately make such
settlement and deliver to his/her successor in office, all things
pertaining thereto, together with all monies belonging to the City;
and at the close of the term of the Treasurer, from whatever cause
that shall occur, the Board of Aldermen shall immediately proceed
to ascertain, by actual examination and count, the amount of balances
and funds in the hands of such Treasurer to be accounted for.
[Code 1975 §11.14; CC 1989 §2-242; Ord. No. 1379
§3, 3-12-1990]
A.
The
City Treasurer shall seek the highest yield from the investments of
surplus City funds consistent with the safety of investment and cash
flow requirements of the City provided such investments are consistent
with State Statutes regulating such investments. The Board of Aldermen,
with the recommendation of the Finance Committee, shall monitor the
investments made, and adopt policies and regulations governing the
conduct of the Treasurer making them.
B.
Cash
flow analyses shall be made of all funds so that disbursement, collection
and deposit of all funds is scheduled to ensure adequate cash availability.
C.
A monthly
report shall be made to the Mayor and Board of Aldermen detailing
types of investments, amounts, where invested, rate of interest and
dates of maturity.
[Code 1975 §11.15; CC 1989 §2-243]
The Board of Aldermen shall provide for an independent audit
of all City accounts at least annually. Such audits shall be made
by a certified public accountant or firm of such accountants who have
no personal interest, direct or indirect, in the fiscal affairs of
the City Government or any of its officers. A copy of the report prepared
by the certified public accountant or firm of such accountants shall
be kept in the City Clerk's office and shall be open to public inspection.
A copy of the audit shall also be sent directly from the auditor to
the Mayor and each Alderman.
