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100.005: Imprest Funds (Petty Cash, Change and Revolving Funds) Policy

Policy No.: 100.005
Resolution No.: RR 69-03
Date Approved: 09/08/2003
Supersedes the following Resolutions & Policies: 88-85, 82-86, 122-86, 15-87, 128-88, 129-88, 131-88, 132-88, 135-88, 7-89, 79-89, 154-89, 85-90, 144-90, 113-91, 19-92, 95-92, 188-92, 189-92, 72-93, 155-93, R98-94, R60-95, R9-95, R175-96, C47-97, C56-97, R12-97, C47-97, C82-98, C109-99, C110-99, C112-99, C113-99, C66-99, C76-99, R40-01, C54-01, R10-02

 

Policy

(Approved by the Board of Park Commissioners.)

Purpose:

The Metropolitan Park District of Tacoma (Metro Parks Tacoma) is accountable to its citizens for its use of public dollars. The limited financial resources of Metro Parks Tacoma must be wisely used to ensure adequate funding to support the services, public facilities, and infrastructure necessary to meet the community’s present and future needs.

This Imprest Funds (Petty Cash, Change and Revolving Funds) establishes when approval from the Board of Park Commissioners is required; establishes a requirement that the Executive Director develop procedures to implement policy directives of the Board and provides for periodic reporting to the Board regarding the purchasing activity within Metro Parks Tacoma.

Policy Requirements:

Section I.

The Board of Park Commissioners is charged with establishing the policy direction for Metro Parks Tacoma under Washington State law. Sound business practice and good government dictates that the Board establish policies regarding the fiscal activities of Metro Parks Tacoma in accordance with applicable local, state and federal laws and regulations.

Section II.

To transfer limited authority and responsibility to the Executive Director and subordinate staff for effective and efficient management of Imprest Funds requires formal action by the Board of Park Commissioners. This Imprest Funds Policy adopted by a resolution of the Board of Park Commissioners establishes the limited authority to be granted to the Executive Director and subordinate staff.

Section III.

The Board of Park Commissioners grants the following authority to the Executive Director and additionally to the Chief Financial Officer, as chief financial officer (CFO), for management of Imprest Funds within Metro Parks Tacoma.

Section IV.

The Executive Director shall establish the necessary administrative procedures for carrying out the intent of the Board’s policy direction. The Executive Director shall utilize applicable local, state or federal laws and regulations in establishing the administrative procedures required. The Executive Director may not utilize the authority granted under this policy until the administrative procedures have been established.

Section V.

The Board of Park Commissioners reserves its authority to modify, amend or repeal this policy by majority action of the Board of Park Commissioners

Section VI.

On an annual basis the Executive Director shall provide the Board of Park Commissioners with a report analyzing the Imprest Funds activity within Metro Parks Tacoma and advise the Board of any recommended changes in the Board’s adopted policy.