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HomeMy WebLinkAboutR97-022 adopting financial management policiesCommissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 9'J- RESOLUTION ADOPTING THE FINANCIAL MANAGEMENT POLICIES WHEREAS, the Board of County Commissioners (hereinafter "Board) is empowered by Section 30 -11 -107, et. sea., C.R.S., to make such orders concerning the County financial matters, budgetary and otherwise; and WHEREAS, on June 3, 1996, by Eagle County Resolution No. 96 -66 the Board adopted and approved Financial Management Policies, to guide financial matters concerning the County, and repealed the provisions of all previous Financial Management Policies and any amendments thereto, all as set forth therein; and WHEREAS, the Eagle County Finance Director has made further certain revisions to the Financial Management Policies; and WHEREAS, the Board desires to adopt the revised Financial Management Policies, as revised, a copy of which is set forth in Exhibit "A ", attached hereto and incorporated herein by this reference, to replace the existing Financial Management Policies. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Financial Management Policies, a copy of which is attached hereto as Exhibit "A ", be and is hereby adopted as of the date of this Resolution. �Y t THAT, the previous Financial Management Policies adopted by Resolution No. 96 -66 be and is hereby repealed. THAT, this resolution is necessary for the public health, safety and welfare of the citizens of Eagle County. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the day of March, 1997. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS BY: Johnnette Phillips, C airman r George V. Gates, Commissioner Commissioner \-1hn,)�� seconded adoption of the foregoing resolution. The roll having been called, the.vote was as follows: Commissioner Phillips Commissioner Johnson Commissioner Gates This Resolution passed by /!a/ n / vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \revise97.fmp 86 -60 t EAGLE COUNTY GOVERNMENT Financial Management Policies Prepared By Finance Director For Board of County Commissioners Adoption History: Original Resolution: 93 -103 08/30193 Amendment Resolutions: 95-6 01/09/95 95 -83 07/31/95 96-66 06/03/96 EXHIBIT =tea I EAGLE COUNTY GOVERNMENT Financial Management Policies Table of Contents Section Page I Introduction A. Preface 1 B. Ethics 1 II Organization & Responsibilities A. Organizational Basis 2 B. Board of County Commissioners 2 C. County Administrator 2 D. Finance Director 3 III Budget A. Budget Preparation 4 B. Budget Administration 5 IV Accounting Practices A. Accounting Basis 7 B. Fund Accounting 7 C. Year -end Closings 8 D. Reporting 9 E. Controls /Audits 9 F. Special Functions 10 V Expenditure Management A. Policy 12 B. Delegation of Authority 12 C. Payments to Vendors 12 D. Payroll 12 E. Purchasing 13 F. Credit Cards 15 G. Telephone Calling Cards 15 H. Cash Advances 15 1. Refunds 15 J. Petty Cash 15 K. Posting Corrections 16 VI Revenue Management A. Policy 17 B. Collection Functions 17 C. Sources & Distribution 17 VII Insurance & Risk Management 18 1 EAGLE COUNTY GOVERNMENT Financial Management Policies Table of Contents Section VIII Personnel Administration A. Policy B. Employee Management C. Benefit Programs D. Compensation Programs E. Training Programs F. Retention /Recruitment Programs IX Banking /Investment Management A. Policy B. Debt Reserves C. Banks & Dealers. D. Investment Practices X Debt Management XI Fixed Asset Management A. Capitalization Policy B. Care of Assets . C. Disposal of Assets D. Commodities XII Contract Requirements XIII Treasurer's Management Policy A. Location of Cash B. Daily Transactions C. Balancing Procedures D. Daily Deposits E. Refunds F. Non - Sufficient Funds Policy G. Investment Transactions H. Redemption Policy I. Treasurer's Checks MM 19 19 19 19 19 20 21 21 21 22 ` -i 27 27 27 27 29 29 30 31 31 32 32 33 34 EAGLE COUNTY GOVERNMENT Financial Management Policies I. INTRODUCTION A. Preface The purpose of this manual is to formalize the Board of County Commissioners policy direction regarding financial management in order to facilitate communications between and amongst the various elected and appointed officials. B. Ethics The Board of County Commissioners is committed to the highest standards of conduct in the performance of their public duties. Since individual and collective adherence to high ethical standards by public officials is central to the maintenance of public trust and confidence in government, the Board expects all elected officials, appointed officials, and employees to apply the following principals when conducting County business. o Promote decisions which benefit the public interest. o Actively promote public confidence in Eagle County Government. o Faithfully comply with all laws, regulations, and policies applicable to the County and impartially apply them to everyone. o Effectively manage all funds and assets of the County. o Maintain a respectful attitude toward members of the public, employees, other public officials, colleagues, and associates. o Cooperate effectively with other governmental agencies, political subdivisions, and all other organizations in order to further the public interest of the County. o Engage only in outside interests which are compatible with the impartial and objective performance of public duties; any activities which may not be compatible regarding a specific duty or issue should be disclosed immediately. o Never influence or attempt to influence other officials or employees to act improperly. Refer to the "Eagle County Employee HandbooK' for a more detailed discussion of standards of conduct and conflicts of interest. a i EAGLE COUNTY GOVERNMENT Financial Management Policies II. ORGANIZATION & RESPONSIBILITIES A. Organizational Basis Legally, the County is an extension of State government. The State legislature promulgates a significant number of statutes and the executive branch imposes regulations affecting County government. Many of these statutes and regulations either specifically establish county policy or limit the Commissioners' flexibility in establishing county policy. B. Board of County Commissioners The Board of County Commissioners establishes the financial policies of the County. The Board reviews and revises County management policies at least annually. The Board of County Commissioners believes that all County officials will derive significant benefits from adherence to these Financial Policies. The Board believes that this financial policy manual is consistent with the requirements of the "Local Gov- ernment Budget & Accounting Laws" (part 1,5,6 article 1 of title 229, C.R.S.) The Board authorizes the County Administrator to take any and all necessary dis- ciplinary actions to assure compliance with these policies by Department Heads. The Board requires that the County Administrator inform the Board regarding noncompli ance with these policies by Elected Officials. C. County Administrator The County Administrator serves at the pleasure of the Board of County Commission- ers. The County Administrator is generally responsible for providing administrative support to the Board, and for providing direction and interpretation of Board policies to the County Departments /Offices. The County Administrator is directed by the Board of County Commissioners to over- see the execution of the Financial Policies established by the Board. Additionally, the County Administrator is designated as the official "Budget Officer" by the Board of County Commissioners. 2 EAGLE COUNTY GOVERNMENT Financial Management Policies D. Finance Director The Finance Director, appointed by the County Administrator, is responsible for pro- viding administrative and operational support, control and direction for the manage ment of the County's finances. The Finance Director, as directed by the County Administrator, will develop all ap- propriate procedures and practices necessary to implement the Financial Policies established by the Board of County Commissioners. In establishing procedures and practices, the Finance Director must comply with Generally Accepted Accounting Principles, direction from the external auditor, direction from the State Auditor, direct- ion from the State Department of Local Affairs, various cognizant agencies, and all relevant State statutes. 3 , EAGLE COUNTY GOVERNMENT Financial Management Policies A. Budget Preparation Philosophy The Board of County Commissioners' short and long term goals are the cornerstone of the budget. The budget is a financial plan which attempts to diversify revenues and minimize expenditures consistent with maintaining routine services and capital invest- ments. Tools used include Detail Budget Proposals, Long Range Financial Projections and the Capital Improvements Plan. The budget will be prepared using the modified accrual basis of accounting. The Finance Department will be responsible for preparing annually and issuing tc Department Heads and Elected Officials a budget preparation guide which shall include specific Board policy and detail procedures for preparing each year's budget. Balancing Guidelines Each fund is balanced separately. Subsidies (transfers) between funds require Board approval. Unless specifically authorized by the Board, expenditures will be equal to or less than the revenues for each fund. Long Range Financial Projections are pre- pared for major funds to assure that impacts of the proposed budget are fiscally sound in future years. Contingency Reserves The County has a separate Contingency Fund which can only be used for unforeseen "emergencies ". Individual departments /offices will not budget contingency funds. Each year's budget will contain contingency funds as deemed appropriate by the Board. Additionally, the Emergency Reserve Fund required under the TABOR Amendment will be funded as required in the amendment. However, due to the severe restrictions on the use of those funds, it is highly unlikely that any spending will occur from this Fund. Fund Balances Each fund will maintain sufficient unappropriated funds to assure adequate cash for working capital, bond ratings, and catastrophe reserves. 4 EAGLE COUNTY GOVERNMENT Financial Management Policies B. Budget Administration Philosophy Once the Board of County Commissioners adopts the proposed budget, the Finance Director enters the budget (now a financial plan) into the automated accounting system. The accounting system then becomes the major tool for monitoring financial status. Throughout the year, Department Heads and Elected Officials regularly review results by comparing actual expenditures and revenues to the budget. Whenever expenditures or revenues differ from the budget, the Department Head or Elected Official prepares and presents corrective action plans to the Finance Director for consolidation and presentation to the Board for approval. This continuous monitoring and correction of the financial plan assures flexible and responsive provision of ser- vices. Definition An appropriation is the authority to spend funds as determined by the Board in the budget appropriation resolution. A supplemental appropriation is the authority to spend funds in addition to those authorized in the budget appropriation resolution; the additional spending must be formally approved by the Board using a supplemental appropriation resolution. The TABOR Amendment sets specific revenue and spending limits for each budget year. The Board can exceed those limits since there has been specific voter approval at the November, 1995, election. Responsibilities Department Heads and Elected Officials are responsible for managing their expend- itures (at the "line item" level) within the appropriation authorized. If a Department Head or Elected Official determines a need for additional appropriation or to rearrange appropriations between line items, that Department Head or Elected Official should document and forward the request to the Finance Director immediately. The Finance Director will normally process "Appropriation Change Requests" from January thru July each year. During August thru December, any desired changes need to be handled in the "revised budget' portion of the budget preparation process. Anyappropriation change request which creates an interagency, interfund, or supplemental type of request must be published in the newspaper and formally accepted by resolution of the Board at a public hearing; due to this administrative process the Finance Director will hold and process these types of requests on a periodic basis (typically, March, July, and December). 5 EAGLE COUNTY GOVERNMENT Financial Management Policies The Finance Director is responsible for assisting Department Heads and Elected Officials in the preparation of appropriation change requests and in the presentation of those request to the County Administrator and Board. Also, the Finance Director will initiate a "Carry Forward Supplemental' process at the beginning of each fiscal year. "Carry Forwards" are usually restricted to Major or Operating Capital projects; carry forwards for routine operating expenses may be requested but require very strong justification and extenuating circumstances. The County Administrator, as County Budget Officer, is responsible for reviewing all appropriation requests. By statute, the Board of County Commissioners has respon- sibility and authority for the final approval of all appropriations. EAGLE COUNTY GOVERNMENT Financial Management Policies IV. ACCOUNTING PRACTICES A. Accounting Basis The County will maintain adequate systems for collecting, controlling, recording, and reporting both revenues and expenses using the modified accrual basis of generally accepted accounting principles and providing full compliance with both State and Fed- eral laws and regulations. B. Fund Accounting The County uses Fund accounting to segregate monies based on designated use. Fund accounting provides the capability to manage and control the expenditure of designated revenues. These brief definitions should help readers better understand Fund accounting. General Fund The general fund is a single fund and is used to support all general government oper- ations. It supports all administrative functions, the Assessor, Clerk, Treasurer, Com- munity Development, Engineering, Sheriff, etc. Revenues to this fund are generated by property taxes, sales taxes, fees, and intergovernmental revenue. Special Revenue Funds This class of fund is used to account for specific revenue sources which are restricted to expenditures for specific purposes. The County currently has sixteen funds of this type; Road & Bridge Fund, Social Services Fund, Wrap Fund, Retirement Fund, Insurance Reserve Fund, Offsite Road Improvement Fund, Capital Improvements Fund, Transportation Funds (4), Airport Fund, Airport PFC Fund, Conservation Trust Fund, Contingency Reserve Fund, and Emergency Reserve Fund (TABOR Amend- ment). These funds support very specific functions as indicated by the fund title. Revenues to these funds are generated in varying degrees by property taxes, sales taxes, fees, and intergovernmental revenue. Debt Service Funds This class of funds is used to account for those monies which are being accumulated for long term principal and interest debt payments. The County currently has three debt service funds; Eagle County Building GO Bond, Justice Center Revenue Bond, and Local Improvement District Debt Service. Capital Projects Funds This class of funds accounts for the acquisition or construction of major infrastructure, facilities, and equipment. 7 EAGLE COUNTY GOVERNMENT Financial Management Policies Enterprise Funds This class of funds is used to account for functions which operate in a manner similar to a private business. The County currently has one enterprise fund; the Landfill Fund. Trust & Agency Funds This class of funds is used to account for assets held by the County in a trustee ca- pacity or as an agent for individuals, private organizations, other governments, and /or other Funds; these funds may be expendable and non - expendable. The County cur- rently has no Trust Funds and one Agency Fund, the E911 fund. There is no requirement to budget trust and agency funds. The Treasurer's Office also maintains a separate, special Collateral Fund as an Agency Fund. Internal Service Funds This class of funds is used to account for resources used by centralized internal service functions. Currently, the County has two Internal Service Funds; the Motor Pool Fund and the Health Insurance Fund. These funds support very specific funct- ions as indicated by the fund title. Revenues are generated totally by charging other Funds for services provided. C. Year -end Closings Each year the Finance Department shall establish "cut -offs" for processing purchases in order to facilitate timely "closings ". The Finance Department is responsible for preparing three closing reports each year; cash basis, budget basis, and final audited. The "cash basis" closing report is the least "accurate" of the 3 closing reports; it simply reflects the status as of December 31 st with no adjustments. In most cases, revenues reflect receipts thru 12/31 and expenditures reflect items vouchered thru 12/25. Although this report can not be used to make overall judgements regarding ending position or budget performance, it is useful since it can provide preliminary indication of problems. The "budget basis" closing report is probably the most useful for "lay" individuals and will be produced around the end of March or the beginning of April. This report reflects revenue receipts thru 12/31, expenditures vouchered thru 12/31, and adjustments (accruals) as included in the budget. This report can be used to make overall judge- ments regarding ending position or budget performance. The "Final audited" closing report is the most technical report and is produced after the auditor's have completed their official audit of the County's financial report. This report reflects all prior year activity including the "accounting" accruals. This report can be used to make overall judgements regarding ending position but can not be used very easily to evaluate budget performance. E EAGLE COUNTY GOVERNMENT Financial Management Policies D. Reporting The Finance Department will produce and distribute monthly activity reports of both expenses and revenues to each department/office. Each Department Head and Elected Official is responsible for quality assurance review of these reports. The Finance Department will produce summary and exception reports for the County Administrator and Board of County Commissioners. Each Department Head and Elected Official is responsible for providing regular status reports to the County Administrator. Also, each Department Head or Elected Official responsible for major projects may be required to provide project status reports to the Board of County Commissioners. E. Controls /Audits The County Administrator will be responsible for producing and distributing both the Annual Financial Statements and the associated Audit Management Letters. The Board Of Commissioners will coordinate with Department Heads and Elected Officials to correct any deficiencies noted by the external auditors. The Finance Department will also establish appropriate internal controls for all County financial transactions. Special internal audits will be performed by the Finance Department on a regular basis; these will include audits for adequate "back -up" docu- ments, cash drawer balances, proper account coding (for both expenses and rev- enues), receivables audits, payable audits, fixed asset audits, etc. In addition to internal controls, the County uses the following three methods for ex- ternal review of records, practices, and policies. o The Board of County Commissioners employs a Certified Public Accounting firm to audit the accounting process on an annual basis. The Board of County Commissioners requires that the external auditor be changed every four years using a bid process every four years (starting with 1995 audit); the Finance Department will assist in preparing materials for the selection of the external auditor only as directed by the County Administrator or Board of County Com- missioners. o The County submits audited Financial Statements to the State Auditor's Office for review and comment. o The County submits the Official Budget Book to the State Department of Local Affairs for review and comment. EAGLE COUNTY GOVERNMENT Financial Management Policies F. Special Functions Interfund or interdepartmental charges will normally be processed by voucher. Charges between departments /offices within a fund will generally NOT be done unless there is a compelling financial reason. Such reasons shall include the need to allocate expenses for grant reimbursements, State program reimbursements, or any other need related to the collection of revenues. Charges between funds will generally be done unless there is a compelling financial reason not to. o Motor Pool Charges from the Motor Pool will be processed monthly using a voucher. A detail usage report will be provided to each departmentloffice throughout the year. The Motor Pool is responsible for preparing rates based on projections of equipment replacement and equipment maintenance costs. Each department using equipment from the Motor Pool must budget for the expense as either light vehicle expense or the heavy equipment expense. o Road & Bridge Charges for services provided by Road & Bridge to other funds, primarily Airport and Buildings & Grounds will be treated as contract services. Road & Bridge, as service provider, should budget these revenues and the service receivers should budget the expense as contract services. o Central Copy Machines Copy machines are supported centrally from the General Fund. Use of copy machines by non - General Fund departments will be charged to those funds. Currently, the Social Services fund is an example of these charges. In addition, certain General Fund programs will be charged since their grant reimburse- ments are designed to cover these costs. o Mail Room Central postage is supported from the General Fund. Postage provided for non - General Fund departments will be charged to those funds. Currently, the Social Services fund is an example of these charges. In addition, certain General Fund programs will be charged since their grants and reimbursements are designed to cover these costs. i(f] l f EAGLE COUNTY GOVERNMENT Financial Management Policies o Central Stores Standard office supplies are supported by the Central Stores operation in the General Fund. Office supplies provided to non - General Fund departments will be charged to those funds. In addition, certain General Fund programs will be charged since their grants and reimbursements are designed to cover these costs. The Finance Department shall establish adequate operating policy and procedures necessary to effectively run the Central Stores function. o Equipment Center The Equipment Center is funded in the General Fund and is designed to pro- vide "special purpose" equipment to all departments on a limited basis. In- dividual departments /offices will not be charged for these services. The Fin- ance Department shall establish adequate operating policy and procedures necessary to effectively run the Equipment Center. o Computer Repairs & Maintenance The Information Systems department will budget funds to provide a "spare parts" inventory for both central computers and professional computers, and to cover repair & maintenance costs for all General Fund departments /offices. While the "spare parts" inventory will be made available to all other Funds on a 'loaner" basis, other Funds should budget for their repair & maintenance costs. o Computer Supplies Diskettes and printer ribbons will be funded in the Central Stores budget and will be handled like office supplies. "Stock" computer paper will be funded in the Information Systems budget for General Fund. Stock computer paper provided to non - General Fund departments will be charged to those funds. o Professional Computer Software General purpose computer software will be budgeted in the Information Systems department (General Fund). Professional computer software provided for non - General Fund departments will be charged to those funds. In addition, certain General Fund programs will be charged since their grant reimbursements are designed to cover these costs. Information Systems will provide cost estimates and coordinate purchasing. o Professional Computer Hardware The Information Systems department will coordinate the purchase of all pro- fessional computer equipment. Information Systems will provide cost estimates and coordinate purchasing. Purchasing will be performed on a item /unit basis via a telephone solicitation process. 11 Y EAGLE COUNTY GOVERNMENT Financial Management Policies V. EXPENDITURE MANAGEMENT A. Policy The County will maintain an aggressive policy of expenditure management. Depart- ment Heads and Elected Officials must monitor actual expenditures versus budget appropriation for each requested payment and are responsible for assuring that spend- ing does not exceed budget authorization. B. Delegation of Authority Each Department Head or Elected Official may delegate authority to staff for the approval of financial transactions; however, such delegation does not relieve the Department Head or Elected Official of responsibility for financial management. As part of the internal control system, the Finance Department shall maintain a signature authorization procedure for the following financial transactions -- Petty Cash, Payroll Time sheets, Purchase Requisitions /Orders, Vouchers, Appropriation Changes, and Expenditure Corrections. C. Payments to Vendors All payments to vendors for services or goods will be made using the central account- ing system. Receiving documents or vouchers will be presented by the initiating departmentloffice to the Finance Department for payment. The Finance Department will return any request for payment which does not have adequate supporting docu- ments, causes the budgeted "line item" to go "over" budget, does not have adequate authorization, is not classified correctly, or does not meet any other internal control standards. The Finance Department will provide a "hand check" process for emergency spending. All requested "hand checks" must be approved by the County Administrator. The Finance Director will record and report "handcheck" activity to the County Administra- tor at least quarterly for remedial management action. The County Administrator will review and publish payments to vendors as required by statute and as authorized by the Board as part of their regular "consent" agenda. D. Payroll The payroll function will be split between Human Resources and Accounting. Human Resources shall be responsible for maintaining all employee information, including benefit programs /options and wage rates. 12 EAGLE COUNTY GOVERNMENT Financial Management Policies Accounting shall be responsible for verification of submitted time sheets and the actual processing of the payroll, including Federal and State tax filings. All departments/ offices shall submit individual employee time records signed by the employee and the appropriate department/office official. The County Administrator will review and publish payroll data as required by statute and as authorized by the Board as part of their regular "consent" agenda. E. Purchasing Purchasing Aut ority There is no central purchasing function at the County. The following departments provide purchasing services: MOTOR POOL is responsible for the purchase of all vehicles and heavy equipment (excluding the Airport equipment). BUILDINGS & GROUNDS is responsible for the purchase of all furniture and fixtures for County facilities, for managing all capital projects related to buildings and grounds (excluding the Airport), and for managing both property and casualty insurance programs. The AIRPORT is responsible for purchasing its own equipment and facilities. The HUMAN RESOURCES Department is responsible for purchasing all employee benefit programs. The FINANCE Department provides purchasing of office /operating supplies, and copiers. The INFORMATION SYSTEMS Department coordinates purchasing of computer equipment. Individual departments /offices perform their own purchasing activities for all other types of goods and services. Bids & Quotations Any capital item costing more than $10,000 must be formally bid; items costing less than $10,000 should be at least price compared. Any operating item costing more than $5,000 must be formally bid; items costing less than $5,000 should be at least price compared. Unless a particular form of bid is required by statute, grant requirements, contracts, etc., the Board authorizes any of the following forms of "bid" processes; Sealed Bid, Request For Proposal (RFP), Request For Information (RFI), Request For Quotation (RFQ), Request For Negotiations (RFN), Sole Source, and State Bid. The Finance Department shall be responsible for developing procedures regarding the appropriate use of each authorized form. 13 EAGLE COUNTY GOVERNMEN f' Financial Management Policies The evaluation criteria for all bids/quotations shall include at least the following factors; price (cost), adherence to specifications, availability /delivery, support, reliabilty/ capability of vendor. Additionally, when there is no material difference between bids/ quotation, local vendors shall be given preference. Note: bid requirements may be bypassed due to emergencies; the Finance Director will review and approve /deny all such requests. The Department Head or Elected Official responsible for any bid process will prepare a formal recommendation for the award requesting authorization from the Board (normally, as part of their regular "consent" agenda). Purchase Approvals All purchases must be based on budgeted appropriations. All departments /offices are required to use the purchase requisition /order procedures in the following situations. Vendor requires an order form or other written order. o Vendor requires confirmation of an order. o All purchases of capital items; capital items are assets where the County gains full title, cost is greater than $500, and life expectancy is greater than one year. Items between $500 and $10,000 will be reviewed /authorized by the Finance Director; items greater than $10,000 will be reviewed and authorized by the County Administrator. o Purchases of operating items where the cost exceeds $5,000. Items between $5,000 and $10,000 will be reviewed and authorized by the Finance Director; items greater than $10,000 will be reviewed and authorized by the County Administrator. NOTE: Authorizations required for Finance Department transactions will be completed by the County Administrator. Receiving & Inspection All County supplies, materials, and equipment are to be shipped to and received at a County facility. Items purchased with County funds shall not be directed (shipped) to any employee's or official's personal residence or business. 14 EAGLE COUNTY GOVERNMENT Financial Management Policies The receiving department/office shall inspect all goods in a timely manner to assure that they are in conformance with the order. Any goods not in compliance with the order (such as damaged goods, unacceptable quality, incorrect quantity, missing parts, etc.) shall be returned or resolved with the vendor immediately. F. Credit Cards The County Administrator's Office shall be responsible for the control and management of County Credit Cards. Credit cards will be provided to Department Heads, Elected Officials, and other authorized staff. Each credit card issued will have a spending limit of $1,000. Credit cards will only be used for expenses directly resulting from the conduct of official County business; any personal use will result in repossession of the card and appropriate disciplinary action by the County Administrator. G. Telephone Calling Cards The Buildings & Grounds Department shall be responsible for the control and manage- ment of County Telephone Calling Cards. Telephone Calling Cards will be provided to Department Heads, Elected Officials, and other authorized staff. Telephone Calling Cards will only be used for expenses directly resulting from the conduct of official County business; any personal use will result in repossession of the card and appro- priate disciplinary action by the County Administrator. H. Cash Advances Cash advances will only be provided for expenses directly related to the conduct of official County business. I. Refunds Normally, refunds will be processed by warrant against the revenue account where the funds were originally deposited. Final determination shall be made by the Finance Department. J. Petty Cash The Finance Department will authorize "cash drawers" for County departments /offices as required and in sufficient amounts to conduct public business. It is the responsibil- ity of each Department Head or Elected Official authorized a 'bash drawer" to balance cash regularly and retain sufficient documentation to fully explain the basis and nature of each transaction. The Finance Department will maintain a "petty cash" check system to provide for emergency spending needs of less than $1,000 (regular "hand checks" will be used for larger dollar amounts) as directed by the Finance Director. 'Petty cash" checks will be charged to the requesting department/office. The "petty cash" check system activity will be reported to the County Administrator at least quarterly for remedial management action. 15 r EAGLE COUNTY GOVERNMENT Financial Management Policies K. Posting Corrections Due to the volume of transactions processed by the County, data preparation and /or entry errors may occur and result in the misposting of an expense. Each Department Head or Elected Official is responsible for review and identification of such errors within his/her area of responsibility. The Finance Department is responsible for valid- ating and coordinating the correction of all such errors. The Finance Department shall establish procedures as deemed necessary to effectively perform such corrections. 16 EAGLE COUNTY GOVERNMENT Financial Management Policies VI. REVENUE MANAGEMENT A. Policy The County will follow a policy of prompt and efficient collection of taxes, fees, and other revenues. The Finance Department and the Treasurer's Office will coordinate in the development of adequate deposit procedures for County Departments. B. Collection Functions The Finance Department and Treasurer's Office shall coordinate collection functions which shall include, but not be limited to, use of collection agencies, short check fees, late payment charges, interest charges, etc. C. Sources & Distribution The Finance Department shall be responsible for analyzing the elasticity /diversity of the revenue stream and for determination of distribution to Funds. D. Grant Revenue Each department shall be responsible for preparation of grant proposals and for complying all grant management & reporting requirements. Each department shall also be responsible for providing all necessary grant information to the County's external auditor. 17 . ". EA °GLE COUNTY GOVERNMENT' Financial Management Policies VII. INSURANCE & RISK MANAGEMENT The County Administrator has split the insurance /risk management functions as follows: Property & Casualty Insurance Buildings & Grounds Worker's Compensation Insurance Human Resources The Buildings & Grounds Department will fulfill the following responsibilities for Property & Casualty Insurance. o Develop and maintain the operating policies and procedures. o Maintain adequate systems for preventing, controlling, recording, and reporting all insurance matters. o Process and review all claims. o Provide appropriate loss control and safety programs. o Review the insurance /risk management programs at least annually. o Evaluate and bid insurance services at least every five years. The Human Resources Department will fulfill the following responsibilities for Worker's Compensation insurance. o Develop and maintain the operating policies and procedures. o Maintain adequate systems for preventing, controlling, recording, and reporting all insurance matters. o Process and review all claims. o Provide appropriate loss control and safety programs. o Review the insurance /risk management programs at least annually. o Evaluate and bid insurance services at least every five years. The County Attorney's Office may be delegated claims management responsibility for major liability insurance claims, property losses, or claims involving death or serious bodily injury. m EAGLE COUNTY GOVERNMENT Financial Management Policies VIII. PERSONNEL ADMINISTRATION A. Policy The Human Resources Department will maintain adequate systems for controlling, recording, and reporting information related to employee management. B. Employment Policies & Procedures Employment policies and procedures shall be developed, implemented, and coor- dinated by the Human Resources Department. The "Eagle County Employee Hand- book" shall include the policies and procedures for the administration of the wage and benefit systems. The handbook shall also contain conditions of employment to include provisions related to appointment, promotion, transfer, disciplinary actions, layoff, and dismissal. C. Benefit Programs Employee benefit programs, such as health insurance, life insurance, retirement, long term disability, etc., shall be administered by the Human Resources Department. The Human Resources Director shall review and submit recommendations regarding the employee benefit programs in conjunction with the annual budget preparation process. D. Compensation Programs The Human Resources Department is responsible for the management and admin- istration of the compensation (wages) program, including market competitiveness and the merit (performance) system. Market studies shall be performed annually by the Human Resources Department; complete evaluation of the effect of Market changes on the classification system will be done at least every five years. Annually, as part of the budget preparation process, the Human Resources Department shall coordinate with the Finance Department for the development and use "wage and benefit project- ion systems" to facilitate the accuracy of personal services budgets. Additionally, wage and benefit turnover salvage reports shall be prepared and submitted to the County Administrator on a monthly basis. Complete merit system performance reports shall be prepared and submitted to the County Administrator on a quarterly basis. E. Training Programs Annually, the Human Resources Department will develop and coordinate County wide training programs based on budgeted funding and specific needs analysis of training requirements. Reports regarding implementation /effectiveness of training programs will be prepared and submitted to the County Administrator at least quarterly. FG] 3 t' 3 EAGLE COUNTY GOVERNMENT Financial Management Policies F. Retention /Recruitment Programs Retention programs require the analysis of the causes and factors resulting in em- ployee turnover. The Human Resources department shall develop and maintain adequate recruitment/selection procedures and strategies to assure the availability of competent candidates. Reports regarding implementation /effectiveness of retention/ recruitment programs will be prepared and submitted to the County Administrator at least quarterly. 01411 EAGLE COUNTY GOVERNMEN T3 Financial Management Policies IX. BANKING /INVESTMENT MANAGEMENT A. Policy The Treasurer's Office will maintain adequate systems for controlling, recording, and reporting all banking and investment programs. The Treasurer, by delegation of the Board pursuant to C.R.S. 30 -10- 708(1), is responsible for all investment decisions, activities, and procedures. Nothing herein shall relieve the Treasurer from the obligations and duties of the Treasurer's Office under C.R.S. 30 -19 -701 et seq.. These programs will be reviewed at least annually. B. Debt Reserves Debt reserves are established either by the Board for specific purposes or to protect bondholders from payment defaults. Adequate debt reserves are essential for main- taining bond ratings and marketability. The amount of each bond reserve is estab lished by bond ordinance for each bond issuance. C. Banks & Dealers Banking agreements (for warrant processing) will be evaluated at least every three years. Depositories shall be selected through the Treasurer's procurement process. In selecting depositories, the Treasurer shall consider institutional creditworthiness and their ability to collateralize such deposits. Investment dealers must provide ad- equate proof of creditworthiness and their ability to collateralize such transactions. A capitalization analysis may be used to assist the Treasurer in determining the financial ability of any institution or dealer to conduct public business. Eligible Depositories The following institutions are designated as eligible depositories for any and all County funds: o All state and national banks having their principle offices in Colorado which are insured by the Federal Deposit Insurance Corporation (FDIC), or its successor, and which meet all federal and state statutory requirements regarding County deposits as legal depositories for the County of Eagle, State of Colorado, in accordance with C.R.S. 24 -75 -603 and 30 -10 -708, as amended. o All state and federally chartered savings and loan associations having their principle offices in Colorado which are insured by the Federal Savings & Loan Insurance Corporation (FSLIC), or its successor, and which meet all federal and state statutory requirements regarding County deposits as legal depositories for the County of Eagle, State of Colorado, in accordance with C.R.S. 24- 75-603 and 30 -10 -708, as amended. 21 EAGLE COUNTY GOVERNMENT Financial Management Policies Eligible Securities Brokers /Dealers The following are designated as eligible brokers /dealers for governmental securities transactions allowed under law: o Securities dealers and banks which are designated as reporting dealers by the Federal Reserve Bank of New York (primary dealers). o National and state banks which have their principle offices in Colorado. o All financial institutions and broker /dealers who desire to become qualified bidders for investment transactions must supply the following as appropriate: 1. Proof of National Association of Securities Dealers (NASD) certification. 2. Proof of State registration. 3. Completed Broker /dealer questionnaire. 4. All qualified bidders must acknowledge in writing, receipt and understanding of the Eagle County Investment Policy. D. Investment Practices The first priority for use of excess funds shall be to maintain adequate reserves in highly liquid form. When evaluating the best use of excess funds generated by cash flow or fund balance, both investment opportunities and debt retirement will be considered. Internal Controls The Treasurer has created written internal control procedures, which must be reviewed annually by the independent auditor. These controls shall be designed to prevent loss of public funds due to fraud, employee error, misrepresentation by third parties, unan- ticipated market changes, or imprudent actions by County employees. Ethics and Conflicts of Interest Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution of the investment pro- grams or which could impair their ability to make impartial investment decisions. Officers and employees involved in the investment process shall disclose to the Board any material financial interest in financial institutions that conduct business with the County and they shall further disclose any large personal financial /investment pos- itions which could be related to the performance of the County's portfolio. Additionally, they will subordinate their personal investment actions to those of the County, par- ticularly with regard to timing of purchases and sales. 22 EAGLE COUNTY GOVERNMENT Financial Management Policies Delegation of Authority The Treasurer may designate an investment officer to be responsible for the invest- ment decisions /activities on a day to day basis. Any such delegation requires that the investment officer shall comply fully with these policies and any procedures as desig- nated by the Treasurer. Decision Making Criteria The investment portfolio shall be managed in a manner to attain a market rate of return throughout budgetary and economic cycles while preserving and protecting capital in the overall portfolio. In order of their priority, the three criteria used to judge the viability of any investment are (1) safety, (2) liquidity (duration of use), and (3) yield (rate of return). Liquidity Strategies Assets shall be invested in instruments whose weighted maturity average ensures reasonable liquidity. The County shall diversify its portfolio. Cash and investments shall be diversified by maturity, issuer, and class of securities. Risk Strategies The County recognizes that investment risks can result from issuer defaults, market price changes, and various technical complications. No individual transaction shall be undertaken which jeopardizes the portfolio's total capital position. If default by a specific issuer occurs or if other negative factors occur, the Treasurer shall review, and, if appropriate, proceed to liquidate securities of comparable credit risk. To protect against potential fraud and embezzlement, County assets shall be secured through third -party custody and safekeeping procedures. Bearer instruments shall be held only through third -party institutions. Investment officials shall be bonded to protect the public against possible embezzlement and malfeasance. Collateralized securities such as repurchase agreements shall be purchased using the delivery vs payment procedure. Eligible Instruments The following are the eligible investments for County excess funds: o Treasury Bills, Notes, and Bonds issued by the United States Government with a maximum maturity of five years in accordance with C.R.S. 24- 75- 601.1. o Written repurchase agreements, collateralized by U.S. Treasury obligations with a maximum maturity of one year, made in compliance with C.R.S. 24-75 - 601.1(1)(j) and other applicable law. 23 EAGLE COUNTY GOVERNMENT` Financial Management Policies o Any money market fund that meets the criteria set forth in C.R.S. 24-75 - 601.1(1)(k), and in addition, the investments of the money market fund must consist solely of U.S. Treasury obligations as noted above. o Time certificates of deposits or interest bearing accounts in any eligible bank or institution as defined in section C. o Commercial paper, as defined herein, that at the time of purchase, is rated in its highest rating category by one or more nationally recognized organizations which regularly rate such obligations, in accordance with C.R.S. 24 -75 -601.1 o The County Treasurer may invest any excess County funds, pursuant to a resolution duly adopted by the Board in accordance with C.R.S. 24 -75 -701 et seq., in a local government investment pool trust. Any such participation in a local government pool trust shall follow all procedures and restrictions in C.R.S. 24 -75 -701 et seq., and any additional procedures and restrictions provided as follows: Any local government investment pool trust created pursuant to C.R.S. 24 -75 -701 et seq., must be approved by the Board, in writing, before the Treasurer may invest County excess funds in such a trust. Additionally, the Treasurer may not invest any County excess funds in an approved local government investment pool trust unless such a trust places dis- cretion as to administration, investment, and transfer of funds in separate individuals. o Securities Issued by U.S. Government agencies pursuant to C.R.S. 24 -75 -601.1 (a) which have a maximum maturity of five years or less and only those agency securities sold on a discount basis or with fixed coupon payments are eligible and no securities with floating interest rates should be purchased. o Municipal bonds with a maximum maturity of five years and which carry the highest rating from at least one of the nationally recognized rating agencies. o Other investments as the Board may authorize in writing. Reporting The Treasurer shall prepare and submit to the Board of County Commissioners an investment report on a quarterly basis and annually. 24 EAGLE COUNTY GOVERNMENT Financial Management Policies Definitions CERTIFICATE OF DEPOSIT means a receipt from a commercial bank or a savings institution that promises to repay principal plus interest on which are left on deposit for a particular period of time. COMMERCIAL PAPER means short term, unsecured promissory notes. COUNTY FUNDS means any and all funds and monies of whatever kind, that come into the Treasurer's possession by virtue of the office and in his /her name as such Treasurer, that she is authorized to deposit pursuant to C.R.S. 30 -10 -708 and 11-47- 101 et seq., as amended. COUNTY EXCESS FUNDS means any funds in the County treasury, under the control of the County Treasurer, that are not immediately required to be disbursed. REPURCHASE AGREEMENTS means short-term investments involving sales of securities subject to repurchase for which maturities range from 1 to 90 days, and the minimum investment is $100,000. TREASURY BILLS, NOTES AND BONDS means obligations of the U.S. Treasury which are sold at a discount and repaid at face value upon maturity. U.S. AGENCY SECURITIES means agency securities issued by the U.S. Government sponsored corporations such as the Farm Credit System and the Federal National Mortgage Association. MUNICIPAL BONDS means any security that is a general obligation of any State of the United States, the District of Columbia, or any territorial possession of the United States or of any political subdivision, institution, department, agency, instrumentality, or authority of any of such governmental entities. 041 EAGLE COUNTY GOVERNMEN I'j Financial Management Policies X. DEBT MANAGEMENT The Finance Department will maintain adequate systems for controlling, recording, and reporting necessary to properly manage all debt; this includes both County originated debt and Local Improvement District originated debt. Debt management shall include bonded debt, lease purchases, certificates of participation, and any other forms of debt. These programs will be reviewed at least annually. The Board directs that the use of debt be limited to major capital projects, generally greater than $1,000,000 in cost. The Board also directs the Finance Director to evaluate all requests to incur debt and to make recommendation regarding the effects of approval on the County's overall financial position. The Finance Director shall maintain communications with financial consultants, underwriters, bond rating agencies, paying agents, etc, regarding the County's debt structure. Ordinarily, the County incurs debt in one of three forms: o GENERAL OBLIGATION BONDS General obligation bonds represent a commitment to fund debt service payments from property taxes, and as such, require voter approval in addition to Board approval. o REVENUE BONDS Revenue bonds represent a commitment to fund debt service payments from a specific non property tax revenue source (such as sales tax) and require voter approval in addition to Board approval. o LEASE /PURCHASE AGREEMENTS Lease /purchase agreements represent a general commitment to fund payments from County revenues. Lease /purchase agreements require voter approval under the TABOR Amendment, unless appropriate "funding out" terms are included. 0 j EAGLE COUNTY GOVERNMENT Financial Management Policies XI. FIXED ASSET MANAGEMENT A. Capitalization Policy All assets acquired and owned by the County having a value of $500 or more and a life expectancy of greater than one year shall be considered a fixed asset by the Finance Department. B. Care of Assets Department Heads and Elected Officials are responsible for the care of all County assets in their department/office. Annually, the Finance department will request that each Department Head and Elected Official take a physical inventory of all fixed assets within their department as identified in the County financial records; the Finance Department will "audit" the asset inventories of selected departments /offices. The Motor Pool will develop and maintain operating policies and procedures to ensure adequate care of all vehicles and heavy equipment. C. Disposal of Assets Surplus items which are not included as fixed assets shall be forwarded to the Build- ings & Grounds Department for disposal. The Buildings & Grounds Department may advertise and sell these items informally. Surplus items which are included as fixed assets shall be forwarded to the Buildings & Grounds Department for disposal. The Buildings & Grounds Department must use the formal process statutorily required for the disposal of fixed assets. Each Depart- ment Head or Elected Official releasing surplus fixed assets must notify the Finance Department of asset numbers of the affected items. Prior to advertising the sale of any assets, the Buildings & Grounds Department shall circulate a list of the items to each Department Head and Elected Official. Any De- partment Head or Elected Official having a use for any such items may obtain them by requesting an asset transfer. D. Commodities Certain commodities, such as gasoline and gravel, will not be expensed when pur- chased but will be treated as assets. These commodities will be expensed when actually consumed. The Finance Department shall be responsible for determining which commodities are treated in this manner. 27 TM`s EAGLE COUNTY GOVERNMENT Financial Management Policies XII. CONTRACT REQUIREMENTS All purchases must be based on budgeted appropriations. All departments /offices are required to use written agreements (contracts) in the following situations. o Intergovernmental arrangements. o Property leases. o Grants o Purchases of personnel services. o Vendor requires written contract. o All purchases of capital items; capital items are assets where the County gains full title, cost is greater than $500, and life expectancy is greater than one year. o Purchases of operating items where the cost exceeds $5,000. If there is any doubt regarding the need for a formal agreement (contract), contact the Attorney's Office for guidance and direction. The Attorney's Office will provide guidance regarding the "terms and conditions" required for agreements (contracts). When purchases of services or non - standard commodities are made, performance based contracting will be required. Performance based contracting means that the contract will associate payment(s) to specific tangible performance by the vendor; typically, there will be a schedule of specific results (tangible products) that will be paid for when the County accepts those results as complete and adequate. Some examples of vendor contracts which do not provide for performance based contracting are as follows: o Software vendors often want 80% to 100% of the contract price at signing of the agreement or delivery of the program tape /diskette. o Vendors providing labor intense services, such as the conversion of filing systems, microfiche projects, etc. often want to charge by the hour for labor rather than when some part of the project is complete. The Department Head or Elected Official responsible for any contract award will coordinate with the Attorney's Office to finalize the terms and conditions of the contract prior to requesting authorization from the Board (normally, as part of their regular "consent" agenda). Additionally, each Department Head or Elected Official is responsible for providing the Attorney's Office with completed copies of each contract signed. m k {} 1 EAGLE COUNTY GOVERNMEN`' Financial Management Policies XIII. TREASURER'S MANAGEMENT POLICY A. Location of Cash During business hours, all processed currency is kept in a cash register located in a far end of the Treasurer /Public Trustee office, which is not accessible to either the public or employees from other departments within the building. This cash register is, however, in clear view of 78% of the staff. Currency is arranged by denomination, with all bills facing the same direction. During business hours, processed checks are kept in a separate bin beside the cash register, and are placed facing the same direction. When the office is closed, all currency and checks, both processed and un- processed, are kept in a locked vault in a common work file. No one should keep any cash or checks in their own work file. B. Daily Transactions OVER THE COUNTER TAX TRANSACTIONS - Taxpayers bringing cash or checks for payment remain as witness while the employee verifies, separately, the totals of both cash and checks to be receipted. Upon producing a paper tape equal to the tax amount to be credited, a receipt is automatically and immediately written for all cash payments or combination payments received. A receipt for check only payments is written upon request by the taxpayer. Tax payments received before daily balancing procedures have begun, approximately 3:00 p.m., are credited to the proper schedule number immediately, via computer, and cash and /or checks are placed in /at the cash register. Cash payments are entered each day. Tax payments received after daily balancing has begun, are held in a separate file beside the cash register, with all cash kept in a sealed envelope with appropriate backup. These "late" transactions are kept in the vault and processed on the next business day. OVER THE COUNTER MISCELLANEOUS TRANSACTIONS - (Miscellaneous transactions include miscellaneous receipts, tax certificates, mobile home authentica tions, etc.) Customers, both general public and employees from other departments, bringing cash or checks for deposit remain as witnesses while our employee verifies, separately, the totals of both cash and checks to be receipted. Upon producing a paper tape equal to the amount to be credited, a receipt is automatically and immediately written for all cash payments, combination, or check only payments received. Payments for miscellaneous receipts, individual tax certificates and authentications received before balancing procedures have begun, approximately 3:00 p.m., are credited to the proper miscellaneous account immediately, via computer, and cash and /or checks are placed in /at the cash register. 29 EAGLE COUNTY GOVERNMEN "I` Financial Management Policies MAIL TRANSACTIONS - One employee opens mail received on a daily basis. All mail is date stamped. Payments received are sorted into tax payments, tax certificate orders, authentication orders and other miscellaneous receipts. Payments are then distributed to specific employees for processing. Depending on what time mail is distributed and how many payments are received, the mail payments may either be processed immediately or stored in the vault in a common work file to be processed on the next business day. C. Balancing Procedures TAX PAYMENTS - are input, via computer and credited to schedule numbers. An individual balancing report is generated by the input employee upon completion of input, listing all cash /checks received by name and number, and schedule numbers credited. The employee adds all cash /checks and upon producing a tape equalling the total reported tax payments, attaches his /her total tape to the individual balancing report. (Cash being deposited is verified by another staff member before being placed in the cash register.) Individual reports are all placed in a common work file near the register. Cash /checks are then stored as indicated above. GENERAL DEPARTMENT BALANCING - is done on a daily basis as follows: The cash in the cash register is counted twice a day; once in the morning and once in the afternoon. Amounts are recorded on a balancing log with coins and bills listed separately along with date, time and initials. The employee who counts the cash in the morning is not the same employee who counts the cash in the afternoon and is not the same person who will perform the daily balancing. These logs are included in the daily balancing work. At approximately 3:00 p.m. the actual cash in the cash register is counted and listed on a cash slip and posted to a computerized "cash book" ledger by denomination. The employee who counts this cash is not the same employee who is balancing the reports at the end of the day. This employee balances the monthly bank reconciliation. Checks are added and a calculator tape is produced listing each check, as well as posting each check by number and amount to the 'bash book" ledger. The employee who adds these checks daily is normally the same one who counts the cash in the morning, but is not the same employee who balances the daily work at the end of the day. [till] EAGLE COUNTY GOVERNMENT Financial Management Policies A second employee (who does not count the cash or add checks) then completes the following procedures to balance the department: Miscellaneous receipts are added and a balancing tape is produced. A miscellaneous receipt report, listing each receipt by transaction number, accounts credited and amounts, is generated and balanced to tape. The miscellaneous receipt total is separated into subtotals (suspense, escrow, etc.) which are posted to the "cash book" ledger. Cash, which is listed separately from checks on the miscellaneous receipts, is added separately and this total is balanced to actual cash count listed on the cash slip and posted to the "cash book" ledger. When revenues (cash and checks) equal monies receipted for tax and miscellaneous receipts, we have "BALANCED" that day. D. Daily Deposits Deposits are prepared by a third employee who has not performed a balancing pro- cedures for that day. Deposits are taken to the bank on a daily basis by an employee who does not count the cash or add checks. A cash balance of $400 is maintained in the cash register. All other cash, together with checks from the prior day's business, are totaled on a bank deposit slip, verified to previous day's "cash book" totals and delivered to the bank for deposit. E. Refunds Any and all refunds are provided in check form only. If a payment is brought in for receipting purposes and is more than the amount needed, a check will be produced for the refund amount after the monies have been receipted. The Treasurer's office does not exchange cash for any purposes other than making change for customers for monies needed to be disbursed within the County. If change is made, one employee will get the change and a second employee will count the change before giving it to the customer. 31 6 � m i EAGLE COUNTY GOVERNMENT Financial Management Policies F. Non - Sufficient Funds Policy Upon receipt of a non - sufficient check: If the NSF check is drawn on a local bank, the Treasurer's office will call the bank and ask if funds are available. If funds are available, the Treasurer's office redeposits the NSF check in that day's business. If funds are unavailable, the Treasurer's office calls the remitter requesting immediate payment and the redeposit will be made. A NFS check will be held no longer than 5 business days before redepositing. Non - Sufficient funds received a second time: When a NSF check is returned to the Treasurer's office a second time, a $20 bad check fee is added to collection amount. At that time, the originating County department is notified through interoffice mail with a copy of the check to be collected. When the collection is made by the responsible County department, Treasurer's office redeposits cash or certified funds. If collection is not made, the check is taken off the revenues for that department. The check and miscellaneous receipt, deducting the amount out of revenues, is forwarded to the originating department. It is up to the originating department to proceed with collection of the bad debt which now includes the $20.00 bad check fee. Collection or reversal of revenues must occur within 3 weeks. G. Investment Transactions The Treasurer and Department Deputy Treasurer will perform all investment trans- actions. Wire transfers will be structured so that all monies transferred from accounts belonging to Eagle County Treasurer will be transferred ONLY into accounts of Eagle County Treasurer. Daily cash deposits will be made at Mountain Bank, Eagle every afternoon. As needed monies will be transferred out of Mountain Bank operating account or transferred in depending on cash flow need. 32 EAGLE COUNTY GOVERNMENT Financial Management Policies A list of approved financial institutions are: Banks: Alpine Banks of Colorado Mountain Banks Weststar Banks Norwest Banks First Bank of Avon Cache Bank of Greeley Independent Bank of Kersey Colorado National Bank Pool Funds: Colorado Diversified Trust (CDT) Colotrust Colorado Surplus And Asset Fund (CSAFE) Brokers /Dealers: Merrill Lynch - Angie Leach, Broker Norwest - Bill Knorr, Broker Gill & Associates - Tom Cladis (CD Broker) H. Redemption Policy All redemption monies are to be paid with cash or certified funds and must be received in the Treasurer's office by the last business day of the month (per Colorado Revised Statute #39 -12 -103). In such case that the redeemer does not wish to remit cash or certified funds, a personal check will be accepted only if receipted by the Treasurer's office in time (10 working days) for the check to be collected by the end of the month, or the redeemer may remit an additional months interest on to the redemption amount of the personal check. 33 EAGLE COUNTY GOVERNMENT Financial Management Policies I. Treasurer's Checks Treasurer's checks should be issued for the following: 1. Tax overpayments 2. Redemption payments 3. Clerk & Recorder Refunds 4. Food Service License payments to the State of Colorado 5. Clerk & Recorder payments to the State of Colorado 6. Payroll Deposits to Bellco & Alpine Bank 7. Payment of Range Improvement Funds 8. Payment of School Land Dedication Funds 9. Collateral refund requests received from County Attorney's Office & payment requests received from Community Development 10. Investment monies transferred from Mountain Bank 11. Refunds for other departments as needed upon request Note: Treasurer's checks should not be used for transactions against County Funds where the transaction can be processed using the processes provided by the Finance Department. 34