John Murphy, Chair. Steffan Defeo. Patricia Delaney. Eric Ladensack. Amy Scharf. Anne Wilson

Transcription

1 Jhn Murphy, Chair Steffan Defe Patricia Delaney Eric Ladensack Amy Scharf Anne Wilsn

2 Adpted by the Selectbard and Twn Treasurer 2016 Twn f Duxbury ACCOUNTING, AUDITING AND FINANCIAL REPORTING Prcedures The purpse f this Accunting, Auditing and Financial Reprting Plicy is t establish and maintain high standards fr accunting practices in the Twn f Duxbury, thereby enabling vters, the Selectbard, and the Twn Treasurer t make sund decisins in preparing and adpting the Twn budget and managing Twn finances. Accunting The accunting practices f the Twn will cnfrm t Generally Accepted Accunting Principles fr lcal gvernments as established by the Gvernmental Accunting Standards Bard. The Twn Treasurer will establish and maintain a system f fund accunting and shall measure financial psitin and results f peratins using the mdified accrual basis f accunting fr gvernmental funds and the accrual basis f accunting fr prprietary and fiduciary funds. Auditing Annually the Selectbard will cause the Twn financial statements t be audited by a qualified, prperly licensed independent accunting firm. This audit will be cnducted in additin t any audit perfrmed by the Twn's elected auditrs under 24 V.S.A Mnthly and Annual Financial Reprting The Twn Treasurer will prepare mnthly financial reprts fr the Selectbard's management purpses. These will cnsist f: Budget Reprt shwing revenues cllected and apprpriatins expended fr the previus mnth with the variance frm the budget amunts fr each line item Balance Sheet shwing Twn assets less liabilities and the fund balance The Twn Treasurer will als prepare an annual financial reprt. This reprt shuld include financial statements fr each f the funds f the Twn, as well as apprpriate additinal disclsures as necessary fr the cmplete understanding f the financial statements presented. In additin, the reprt shuld include a narrative discussin t explain hw the Twn's current financial psitin and results f financial activities cmpare with thse f the prir year and with budgeted amunts. This reprt, tgether with the mst recent independent auditr's reprt and any reprt prepared by the Twn's elected auditrs under 24 V.S.A. 1682, will be reprduced in the Twn's annual reprt each year.

3 Adpted by the Selectbard and Twn Treasurer 2016 Twn f Duxbury ACCOUNTS PAYABLE (Invices) Prcedures Twn Treasurer (prir t 4PM Friday): 1. Opens the mail. 2. Cdes the invices with the GL accunt number fr the line item in the budget that the expense will be charged t. Selectbard (anytime ver the weekend, prir t 8am Mnday): 3. Tw designated Selectbard Members apprve and sign invices slips. NOTE - If designated Selectbard Member is unable t review and apprve invices ver the weekend he/she will cntact anther Selectbard Member t cver fr him/her. Twn Treasurer: 4. Enters the invices int the accunts payable NEMRC mdule. 5. Prints checks, Check Warrant, and Check Register (2 cpies - 1 fr checkbk register and 1 fr binder) frm within NEMRC. 6. Transfers data t General Ledger and prints reprt within NEMRC frm Payables Mdule and General Ledger Mdule. 7. Signs all checks and initials reprts. 8. Mails checks with invice stubs. 9. Files 1 cpy f Check Register with Checkbk Lg in Mnthly flder. 10. Files 1 cpy f Check Register with Warrant and Transfer Reprts in Binder*. 11. Binder Clips Invices t Check Warrant with reprts fr the next Selectbard Meeting fr apprval frm ther Selectbard Members. 12. Files Check Warrant with the Accunts Payable Reprts* fr the specific date after all signatures have been received at next Selectbard meeting. 13. Files Invices by Vendr by Year after all signatures have been received at next Selectbard meeting. * All Reprts are filed by Year, by Quarter in a Binder stred in the Treasurer file cabinet. Access t the file cabinet can be btained by the Treasurer, Assistant Treasurer, r Designated Selectbard Member.

4 Adpted by the Selectbard and Twn Treasurer 2016 Twn f Duxbury PAYROLL Prcedures Rad Crew/Twn Clerk/Twn Treasurer (prir t end f wrkday Friday): 1. Prvide Timesheet f hurs wrked and leave time, if applicable. a. Rad Crew are paid Weekly b. Twn Clerk, Assistant Twn Clerk, Treasurer are paid Bi-Weekly c. Assistant Treasurer is paid Bi-Weekly As Wrked Twn Treasurer: 1. Enters timesheets int NEMRC. NOTE - if any adjustments are made t emplyee maintenance such as an update t deductins, a nte shuld be made in the ntes sectin f the payrll mdule. Payrll changes shuld be apprved by the bard. 2. Prints Checks and Reprts: Payrll Warrant Check Register Payrll Register Direct Depsit Summary Emplyee Deductin Summary Transfer Reprts fr A/P (within Payrll & A/P Mdules) & General Ledger (within Payrll & General Ledger Mdules) Emplyee Tax Summary 941 Tax Reprt 3. Reviews Payrll Reprts (initialing the reprts) and sign Payrll Checks. 4. Authrizes Direct Depsit (if applicable) within Merchants Bank nline prtal. 5. Prcesses EFTPS 941 Payment via nline with pay-date Wednesday. 6. Files EFTPS 941 Payment with Cnfirmatin Page with Mnthly Checkbk Lg. 7. Prepares Payrll Warrant, Timesheets Payrll Reprts, and Payrll transfer reprts fr the next Selectbard Meeting fr apprval frm ther Selectbard Members.

5 Adpted by the Selectbard and Twn Treasurer Files Payrll Warrant, Timesheets, Payrll Reprts and Payrll transfer reprts* fr the specific date after all signatures have been received at next Selectbard meeting. 9. Prvides emplyee Paycheck n Wednesday. 10. Recnciles all payments mnthly as part f bank recncile. * All Reprts are filed by Year, by Quarter in a Binder stred in the lcated Treasurer file cabinet. Access t the file cabinet can be btained by the Treasurer, Assistant Treasurer, r Designated Selectbard Member.

6 Adpted by the Selectbard and Twn Treasurer 2016 Twn f Duxbury REVENUE (Cash Receipts) Prcedures The purpse f this Plicy is t establish prper management practices ver cash, checks, and ther receipts in rder t instill public cnfidence in Twn peratins and t prvide accurate, reliable, and timely infrmatin upn which financial decisins can be made. Authrized Persnnel Fr Internal cntrl purpses, nly the fllwing fficers and/r emplyees are authrized t receive funds n behalf f the Twn f Duxbury - Twn Treasurer, Assistant Twn Treasurer, Twn Clerk, Assistant Twn Clerk, Cllectr f Delinquent Taxes, Cemetery Cmmissiners, and Zning Administratr. Prper Payee All checks and mney rders, regardless f functin, must be made payable t the Twn f Duxbury. N instruments may be made payable t a Twn fficer, emplyee, vlunteer, department, cmmittee, bard, r grup. Receipts ther than Prperty Tax Payments Persns authrized t receive funds n behalf f the Twn must issue a fully cmpleted cllectin receipt fr any and all cash received using a pre-numbered receipt. The riginal cmpleted receipt must be issued t the persn frm whm the funds are received. The secnd cpy must be delivered t the Twn Treasurer with the funds. Prperty Tax Payments Prperty Taxes will nt be received in cash. Checks will be stamped fr DEPOSIT ONLY when received and held in a secure lcatin ut f sight. Taxpayers can ask t have their bill stamped received with the date and amunt, r the check can be cpied and the phtcpy stamped received with the date. Receipts will be created when checks are entered int NEMRC and stred electrnically by parcel number and date. Taxpayers can have printuts f this receipt mailed r available fr pickup upn request. Safeguarding Funds

7 Adpted by the Selectbard and Twn Treasurer 2016 Safeguarding funds prir t depsit with the Twn Treasurer is the respnsibility f authrized persnnel receiving the funds. All cins, currency, checks, and mney rder must be retained in a secure place until depsited with the Twn Treasurer in accrdance with the sectin belw. Preparing and Depsiting Funds Funds cllected by authrized persns must be depsited with the Treasurer within five business days, with the exceptin f the Cllectr f Delinquent Taxes and Cemetery Cmmissiner. Cllectr f Delinquent Taxes must depsit funds cllected with the Twn Treasurer by the 20th f every mnth. Cllectr f Delinquent Taxes must als recncile all accunts with the Twn Treasurer by the 20th f every mnth. Each persn depsiting funds with the treasurer must prvide the cpy f the pre-numbered receipt with payment. The Twn Treasurer will make depsits t the bank with 2 days f receiving them and will retain cpies f all depsit receipts issued by the bank. Depsit receipts, supprting dcumentatin, and the Psting Registered frm the General Ledger and filed by the Twn Treasurer. Any twn fficer r department may request frm the Twn Treasurer a mnthly list f depsits that have been verified thrugh the bank statement. Any discrepancies shall be reprted t the Twn Treasurer. Returned Checks A returned check will be recrded against the revenue in which it was riginally psted if the check is nt replaced. Payer will be charged fees applied t twn, and placed n a "N Check's Allwed" agreement until fees and payment have cleared the bank. They will be given a 10-day grace perid frm date f ntificatin t pay fees and mnies wed, r they will be placed n a cash nly basis. If n mney is cllected, it will be turned ver t the Selectbard fr their attentin, r delinquent tax cllectr if tax related. Petty Cash N fficer, emplyee, vlunteer, department, cmmittee, bard, r grup may establish a petty cash system withut cnsent frm the Selectbard and the Twn Treasurer. The Selectbard will appint an fficer, emplyee, r vlunteer t be custdian fr each petty cash accunt. A base petty cash amunt must be determined by the Twn Treasurer. A cash bx r cash drawer will be used t stre petty cash and must be lcked at all times. The key will be kept in a secure lcatin. Only the petty cash custdian and the Twn Treasurer will have access t the lcked petty cash bx and key. Payments ut f petty cash will be made nly when a valid receipt is presented. Shuld prepayments ut f petty cash be necessary, a mem explaining the purpse f the prepayment must be signed by custdian r Twn Treasurer and the fficer, emplyee, r vlunteer and placed in the petty cash bx r cash drawer.

8 Adpted by the Selectbard and Twn Treasurer 2016 At all times the ttal receipts added t the cash remaining in the petty cash bx must equal the predetermined petty cash amunt. Under n circumstances will persnal funds be used t cmpensate shrtages. All shrtages must be brught t the attentin f the Twn Treasurer immediately upn discvery. Over Payments Balances When an ver payment is made t the twn f less than $10 it will be cnsidered a zer balance with the remaining amunt recrded in revenue. Credit Cards The twn currently has n credit cards. Cemetery Cmmissin The Cemetery Cmmissin versees its wn budget and checking accunt. Vters apprve a budget at the annual meeting and the Twn Treasurer prvides the alltted funds t the Cemetery Cmmissin Treasurer n July 1. The Cemetery Cmmissin Treasurer versees all expenditures frm their checking accunt and submits a written financial reprt t the twn fr inclusin in the Annual Reprt.

9 Adpted by the Selectbard and Twn Treasurer 2016 Twn f Duxbury BANK RECONCILIATION Prcedures Twn Treasurer and Assistant Twn Treasurer (prir t the mnthly Selectbard meeting): 1. Dwnlad the bank statement frm the Merchants Bank nline. 2. Create a jurnal entry t recrd bank fee and mnthly interest, als recrd the same in Mnthly Checkbk Lg spreadsheet. 3. Treasurer prvide the Mnthly Checkbk Lg spreadsheet and the bank statement t the Assistant Twn Treasurer fr recnciliatin. 4. Within the General Ledger Mdule f NEMRC, recncile the bank statement t NEMRC. 5. Print the bank recnciliatin statement frm NEMRC. 6. Treasurer and Assistant Treasurer Initial and date the statement. 7. Verify bank recnciliatin matches with Mnthly Checkbk Lg spreadsheet.

10 Adpted by the Selectbard and Twn Treasurer 2016 Twn f Duxbury GENERAL LEDGER (Jurnal Entries) Prcedures Twn Treasurer: 1. Prcess any/all Jurnal Entries within the General Ledger Mdule f NEMRC. Supprting dcumentatin shuld be clear and cncise. 2. Print the Psting Register and initial and date the reprt.