HomeMy WebLinkAboutStarting Change - Jan 2016Page 1
Administrative
Policies and Procedures
Title: Financial Policies Resolution No.:
Section: Starting Change Policy Date of Version: Jan. 2016
SECTION I - POLICIES
A. No purchases of any kind may be made with starting change or with collected
monies; purchases must follow purchasing policy and petty cash policy.
B. Each department must maintain its starting change in a safe, a locked
drawer, or another place of physical safekeeping.
C. All excess cash or checks over the starting change balance will be deposited
daily in accordance with the City Cash Receipts Policy.
D. Each cashier should count and verify that the starting change balance is the
authorized amount and is fully accounted for at the start of their work day prior to recording transactions.
E. Cash is not to be removed from a deposit or derived from any other source in
order to increase starting change balances.
F. All starting change balances must be requested through the Accounting
Division and approved by the City Controller.
G. Seasonal activities should return starting change amounts to the Revenue
Division at the end of each season and request starting change at the
beginning of each season. The Controller should provide the Revenue Division with a list of departments that have been approved for seasonal
activities and the timing of those seasons.
SECTION II - PROCEDURES
A. Create/Increase in starting change:
1. Any department that wants to add a starting change fund or increase its
starting change fund must complete and submit a Starting Change/Petty
Cash Form to the City Controller.
2. The form should indicate if it is an increase to a current starting change
fund or if it is a new starting change fund.
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3. If it is an increase to a current starting change fund, the form must identify the fund by its identifying number.
4. The form of the cash should also be listed such as quarters, one dollar
bills, five dollar bills, etc.
5. The City Controller will either approve or deny the request and sign the
form.
6. The City Controller will then give the form to the Assistant City Controller
to assign an identifying number, if necessary, and place it on the master
starting change list.
7. A copy of the form will then be given to the Finance Department Petty Cash Custodian to issue the payment for the starting petty cash fund.
8. The Finance Department Petty Cash Custodian will issue a petty cash
check or petty cash funds to the department representative to create their
starting change fund.
9. The department representative should take the check, if applicable, to
Midwest One Bank for cashing; the funds should be placed immediately
into the department’s starting change fund.
B. Decrease in starting change:
1. Any department that wants to decrease or eliminate its starting change fund must complete a Starting Change/Petty Cash Form to return with the
cash balance.
2. The form should identify the starting change fund by its identifying number
and indicate whether the fund is being reduced or eliminated.
3. The form along with the cash balance should be returned to a Cashier in
the Revenue division at City Hall.
4. The cash balance will be receipted into the Munis cash receipts system.
5. A copy of the form and the receipt should be forwarded to the Assistant
City Controller.
C. Maintenance of starting change balances:
1. The Assistant City Controller will maintain a master list of all starting change funds.
2. Each individual starting change fund will be given an identification
number.
3. At least once per year, an individual from the Accounting Division will visit
each department to verify the starting change balances.