[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; Ord. No. 4717, 10-27-2025]
A. 
The Finance Director shall prepare a list of accounts payable paid by the City to be provided to the Board of Aldermen not less than once monthly at their regular meeting(s).
1. 
The accounts payable list shall show the name of the person holding the approved payable and the amount of money paid as shown on the approved payable. The accounts payable paid shall comply with City policies, including the City's purchasing policy and the City's approved budget.
2. 
The Finance Director, or his/her designee, shall retain a copy of accounts payable with sequential numbering for such time frame as necessary to comply with the Secretary of State's Records Retention Policy.
3. 
The Finance Director, or his/her designee, shall process payroll on a bi-weekly pay cycle. Information regarding payroll items will not be provided on an accounts payable listing but will be provided categorically in the monthly financial reports prepared by the Finance Director.
4. 
The City Clerk and the Chief of Police may maintain a petty cash fund not in excess of five hundred dollars ($500.00) each, for necessary expenditures in the operation of his/her respective office or the organization, and he/she shall keep an account of money expended therefrom and shall deliver such account of expense to the Finance Director from time to time, and the Director shall replace the amount of money expended and reported if such expenditures are approved. All expenditures shall comply with City policies including the City's purchasing policy and the City's approved budget.
5. 
The Finance Director may maintain a petty 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 City Administrator, and the Finance Director shall replace the amount of money expended and reported if such expenditures are approved. All expenditures shall comply with City policies including the City's purchasing policy and the City's approved budget.
6. 
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.
[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.