§ 2-503. Establishment of materiality threshold.

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For the purpose of complying with requirements of IC 5-11-1-27(j), the city hereby adopts a materiality threshold of $5,000.00 for cash items and $10,000.00 for non-cash items as to when notification of the state board of accounts is immediately notified of an erroneous or irregular material variance, loss, shortage, or theft of city funds. Pursuant to State Examiner Directive 2015-6, the water department, redevelopment department, and the sanitary district, being special taxing districts and, therefore, political subdivisions, and the port authority, shall adopt their own materiality thresholds for this purpose. However, the level of materiality for the controller or his designee to investigate, determine the cause of, and implement corrective action, including disciplinary action if appropriate, are $50.00 for cash items and $500.00 for non-cash items. If it is determined that either cash or non-cash property of the city has been stolen, the police department will be notified and the appropriate disciplinary action taken.

(Ord. No. 4416 , 12-20-2016)

                    
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