The preparation, submission, adoption and amendment of the annual budget shall be in accordance with §§
C1203,
C1204,
C1205 and
C1206 of the Charter.
Classification of accounts and accounts to be
used in all financial plans, budgets and reports shall be as follows:
Fund
|
Code
|
---|
General
|
01
|
State Liquid Fuels
|
02
|
Bond
|
94
|
Capital Reserve
|
92
|
Community Development
|
05
|
Sinking
|
09
|
Municipal Police Pension
|
06
|
Payroll
|
11, 12 and 13
|
Library Trust
|
07
|
Federal Revenue Sharing and Antirecessional
|
08
|
To meet the financial statement requirements as defined in §
5-61 of this Article and the statutory financial reporting requirements of the Commonwealth of Pennsylvania and the monthly and financial operating reporting requirements of the Township, there shall be maintained as necessary the following records of accounts for each Township fund:
A. Records of original entry, including the following:
(2) Cash disbursement journal.
(3) Purchase and encumbrance journal.
B. The records of original entry contain the original
entries of any account and transaction and, therefore, may vary widely
in format, depending on the requirements of the respective funds.
C. General ledger.
(1) The basic objectives served by the general ledger
are to:
(a) Provide summary information necessary to show the
financial condition and operations of each Township fund.
(b) Establish control over the clerical accuracy of posting
to the detailed account classifications.
(2) Regardless of the fund or fund group, the accounts
of the general ledger shall fall into the following classifications:
(a) Assets, i.e., cash, investments and receivables.
(3) Each asset and liability account shall be reconciled
monthly to the details in the subsidiary and other ledger records.
(4) It shall be the responsibility of the Director of
Fiscal Affairs to prepare and maintain the records of account.
The Director of Fiscal Affairs, together with
the Township Manager, shall have the authority to invest, redeem and
reinvest funds available, but not immediately required, for Township
operations, within the limits of programs previously approved by the
Board of Commissioners. Such investments shall be made only in securities
backed by the full faith and credit of the United States Government,
by the Federal Deposit Insurance Corporation, by the Federal Savings
and Loan Insurance Corporation or by the pledges of assets of the
type and valuation as provided by law and approved by the Solicitor.
Temporary investments may also be made in bank certificates of deposit
supported by fully pledged collateral and repurchase agreements for
United States Government or other allowable securities. It shall be
the responsibility of the Director of Fiscal Affairs to maximize investment
revenues consistent with applicable laws and minimum investment risk.
The Township Manager shall have the authority
to dispose of unneeded, obsolete or surplus equipment with a sale
value of less than $2,500 in a manner most beneficial to the Township.
Sale of equipment with a sale value of more than $2,500 shall be with
the approval of the Board of Commissioners through competitive bidding,
except that competitive bidding shall not be required for the sale
of equipment, supplies or services to other governmental entities,
agencies, authorities or political subdivisions.
[Amended 4-17-1979 by Ord. No. 1462]
As required by §
C1108 of the Charter and in accordance with §
5-13 of this Administrative Code, an annual audit shall be provided using generally accepted accounting standards for the purpose of expressing an opinion as to the fairness of the Township's financial statements.