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!1 :' \ (b) Procedures to accomplish these objectives are: (1) Billings for City services are sent as soon as the detail for the service is available and the detail is produced as soon as possible. (2) Late charges are imposed on all past due receivables. (3) Receivables are aged and prompt follow-up is made on past-due accounts. (4) Advances (interest-free) are requested as soon as possible for the maximum amounts available from all parties including the County and State. (2) Disbursements, Accounts Payable and Inventory/ Supply Management (a) The objectives are to pay suppliers and other vendors on the latest reasonable dates, take advantage of discounts and optimize invest- ment in inventory and supplies. (b) Procedures to accomplish these objectives are: (1) All invoices should be scheduled for payment date when they are received considering the terms of the invoices. (2) All discounts should be taken unless the benefit of taking the discount is less than the benefit of investing the balance and paying in its normal term. (3) To the extent possible, disbursements should be made only twice per month. (4) Purchases oE supplies should consider volume discounts, holding costs and ordering costs. (3) Internal Controls (a) The internal controls which exist for cash management are intended to safeguard the City's financial assets. (b) Key controls which must be in place and followed are: (1) Cash receipts are deposted intact daily. (2) Checks for cash disbursements require three signatures. (3) Funds transfers (primarily wire transfers) must be limited by First State Bank of New Brighton to depositories approved in advance by the Finance Director and City Manager. 2