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Resolution 21-006 revised petty cash CITY OF SPOKANE VALLEY SPOKANE COUNTY,WASHINGTON RESOLUTION NO.21-006 A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY, WASHINGTON,REPEALING AND REPLACING RESOLUTION 08-024 AND 11-001, ESTABLISHING PETTY CASH,CHANGE,AND WORKING FUNDS FOR SPECIFIC PURPOSES,AND OTHER MATTERS RELATING THERETO. WHEREAS, Spokane Valley Municipal Code Section 3.30.030 authorizes the development of rules and policies concerning the administration of petty cash funds; and WHEREAS,it is the general policy of the City to set aside small amounts of cash to make change and reimburse employees for City operating costs; and WHEREAS, the City has established small funds for these purposes in the past by motion, resolution, or ordinance; and WHEREAS, the Washington State Auditor's Office recommends the adoption of these funds by City resolution. NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane County, Washington, as follows: Section 1. The following petty cash/change accounts shall be established in the amounts shown below and administered by the position identified. The specific custodians for these accounts shall be appointed by the City Manager or designee. Name of account and Responsible Position Amount Main Reception - Office Assistant $200 Building cash one -Development Services Coordinator/Building Official $400 Building cash two-Office Assistant/Permit Specialist $200 Parks, Recreation and Facilities Administrative Assistant $ 50 The following are minimum requirements for establishment and operation of these accounts: 1. Each petty cash account shall be established by the governing body by resolution. 2. The custodian of each petty cash account should be independent of invoice processing, check signing, general accounting and cash receipts functions. When it is not practical to hire additional personnel or to reallocate these duties among existing personnel, a mechanism of review that accomplishes the objectives of the segregation of duties shall be established. For example, periodic monitoring of cash receipts and/or independent performance of the bank reconciliation add controls when complete segregation of duties is not possible. 3. The amount in petty cash shall be periodically counted and reconciled by someone other than the account custodian. 4. The account custodian shall ensure the petty cash is kept in a locked location. Resolution 21-006-Petty Cash Page 1 of 2 5. The authorized amount of all such petty cash shall be included in the local government's balance sheet. 6. If petty cash is disbursed, it shall be replenished at least monthly. Account replenishment should be subject to the same review and approval as processed invoices. Account replenishment shall be by voucher with the appropriate receipts attached. The receipts shall show the date, recipient, purpose and amount of each cash disbursement. These receipts shall be signed by the person receiving the money, stamps, etc. At the time of account replenishment,the custodian shall ensure that the balance remaining in petty cash,together with the amount of the replenishment voucher,equals the authorized imprested amount. 7. The imprested amount of petty cash shall not exceed one month's salary or the surety bond covering the custodian. 8. The fund shall not be used for personal cash advances even if secured by check or other I.O.U.'s. 9. Petty cash shall be replenished at the end of the fiscal year so that expenses will be reflected in the proper accounting period. 10. Whenever an individual's appointment as custodian is terminated, the fund shall be replenished and the imprested amount turned over to the Finance Director. Section 2. Repeal. The Council hereby repeals Resolutions 08-024 and 11-001 in their entirety, replacing them with this Resolution. Section 3.Effective Date. This Resolution shall be in full force and effect upon adoption. Adopted this le day of September, 2021. ATTEST- CITY OF SPOKANE VALLEY i ) FX')r t 6 Li) Christine Bainbridge, City Clerk Ben Wick,Mayor Approved as to farm: o Office of e Cit+/A •ney Resolution 21-006-Petty Cash Page 2 of 2