7.1. EDSR 03-18-2019 - Laserfiche WebLink

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ARTICLE 4 -– FINANCE, CONTRACTS AND OTHER DUTIES AND CONTRACTS 4.1) Fiscal Year - The fiscal year of the Authority shall be the same as the fiscal year of the City. 4.2) Budget - The following budgetary proceedings shall apply to the transaction of business: (01) A budget shall be prepared by the treasurer in accordance with the Statute. The treasurer shall present the budget to the Authority each year at such time as established by the Authority. (02) The budget shall include estimated revenues, the source of revenues and an estimate of the amount of money needed from the City, the costs of projects for the ensuing year, the estimated costs for personnel, and the purposes to which money on hand is to be applied, as well as the general administrative and overhead costs estimated for the ensuing year, and a proposed levy. (03) After full consideration of the budget, the Authority shall approve and the president shall submit the budget to the city council. 4.3) Financial Statements - Must be prepared, presented, approved, and filed in accordance with Minnesota Statutes Sections 469.097 096 and 469.100 and other relevant statutes as amended or revised. 4.4) Contracts and Procurement (01) All construction work and work of demolition and clearing, contracts for services or for repairs, maintenance and replacements, and every purchase of equipment, supplies or materials and contracts therefore shall be in accordance with the Statute and procurement policies, if any, established by resolution of the Authority. (02) Approval of Contract by Attorney - Contracts shall be in writing and, except when deemed unnecessary by the Authority or the executive director, shall be approved as to form by the attorney for the Authority. (03) Execution of Contracts - Unless otherwise directed by the Authority, required by law or required by state or federal agencies furnishing funds to the Authority, all purchasing contracts of the Authority shall be executed on behalf of the Authority as provided by the Purchasing Policy set forth in the Financial Management Policies of the City of Elk River, as amended from time to time. Non- purchasing contracts and other instruments of the Authority shall be executed by the president or other officer if the president is unavailable and the executive director or the executive director’s delegate. All checks issued by the Authority shall be signed by the treasurer and one other officer as provided in Minnesota Statutes, Section 469.096, Subd. 8. 4.5) Disbursements (01) Federal Funds - All funds received from the Government of the United States or any of its agencies shall be disbursed and accounted for in accordance with the regulations or requirements from time to time made by the federal agencies furnishing said funds to the Authority. (02) Official Depository - All monies of the Authority shall be deposited in the name of the Authority in official city depositories in accordance with Minnesota Statutes. Monies shall be disbursed only by check, signed by persons designated by the Authority, except that petty cash funds not exceeding at any time One Hundred Dollars ($100) may be maintained by the Authority. (03) Checks - All checks drawn on bank accounts of the Authority shall indicate the fund and, in the case of a project, the project to be charged. All checks shall be signed by the treasurer and one other officer named by the Authority by resolutionthe president. In accordance with Minnesota law, the treasurer has delegated the duty of signing checks to the assistant treasurer. 4.6) Records - The books and records of the Authority shall be kept at the Principal Office. 4.7) Ongoing Duties. The Authority shall evaluate and consider staff assignments, the status of existing 554681v2 GAF EL185-13554681v1 gaf EL185-13