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City of <br /> /)14*, <br /> Elk <br /> River <br /> Financial Management Policies <br /> Purchasing <br /> The goal of the Purchasing Policy is to ensure all purchases are consistent with Minnesota statutes, <br /> to establish internal controls, to maintain the appropriate documentation, and to ensure the best <br /> value for the public money. <br /> Purchasing Authority <br /> The department/division director for which the service, equipment, or supplies are ordered must <br /> recommend the order be placed. The department/division director may designate the authority to <br /> make certain purchases to department staff. This designation must be communicated to the Finance <br /> Department. Final approval of all purchases must be evidenced by the department/division <br /> director's signature on the purchase order,invoice and/or receipt. Purchase orders must be <br /> completed prior to acquisition to insure accountability,provide amount verification, and avoid a <br /> misunderstanding with respect to cost between the vendor and the city. <br /> Purchasing Thresholds <br /> All expenditures up to $50,000 must be within the limits established by the department budget. <br /> The thresholds of dollar amounts that have been established either by policy,City Code, or statutory <br /> authority for the purpose of purchasing city goods are identified as follows: <br />