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November 9, 1994 <br />TO: <br />FROM: <br />RE: <br />Ron Moorse /A <br />Chris Miller ^ <br />Update on Financial Internal Controls <br />Ron, <br />As agreed upon with the City's Auditors, the following changes <br />have been made to improve the City's financial internal controls. <br />Bank deposits are now processed when accumulated cash receipts on <br />hand exceed $10,000. Previously, bank deposits were made at the <br />end of the week, and when significantly large checks (i.e. HACA <br />aid) were received. Add'l segregation of duties among the <br />finance staff have also been implemented in preparing the bank <br />deposit, and the bank reconciliation. <br />The City now requires two signatures on all disbursement and <br />payroll checks less than $5,000. Previously only one signature <br />was required for checks of this amount. The City will still <br />continue to have three signatures on checks in excess of $5,000. <br />Utility receipts are now delivered to the Asst. Finance Director <br />who prepares separate lists of both checks and remittance stubs. <br />The checks are processed by the Asst. Finance Director, and the <br />remittance stubs are entered against customer accounts by the Sr. <br />Accounting Clerk. Transaction summaries are compared to make <br />sure they are in balance.