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<br />Credit Card Policy <br /> <br />INTRODUCTION <br />Minnesota Statute 471.382 authorizes cities to make purchases using credit cards. The <br />use of credit cards has been proven to provide an efficient, cost-effective method of <br />purchasing and paying for small-dollar purchases. Some travel and training costs may <br />also be handled best through the credit card process. <br /> <br />POLICY <br />The purpose of this policy is to provide a procedure in the purchasing process for the use <br />of credit cards for small-value purchases (less than $750 per item unless otherwise <br />authorized). <br /> <br />SCOPE <br />The use of the credit card is limited to the following circumstances: <br /> <br />. The items and/or services to be purchased are for the official business of the City <br />of Elk River. <br />. The types of items and/or services to be purchased are those established by the <br />department head and approved by finance. <br />. The cost of the proposed purchase does not exceed the purchase order transaction <br />limit ($750) unless authorized in writing or by a signed purchase order prior to <br />purchasing. <br />. The use of the U.S. Bank One Card should be restricted to purchases where there <br />is no City account already established or where purchase orders are not accepted. <br /> <br />PROCEDURES <br />For the credit card process to operate efficiently, a timely response to each of the <br />elements of this policy is required from those concerned. Failure to do so will result in <br />past due transactions appearing on the statements and cards being rejected because of <br />limits being exceeded. Employee absences should be anticipated and arrangements put in <br />place so that the process flow will not be delayed. <br /> <br />. The Finance dept. is responsible for issuing, accounting for, monitoring, <br />retrieving and generally overseeing compliance with the city's credit card policy. <br /> <br />. Employees who use a city credit card must sign documentation verifying <br />agreement to conditions of use. <br /> <br />. An employee who is issued a credit card is responsible for its protection and <br />custody. If a credit card is lost or stolen, the Finance dept. shall be notified <br />