Page 365 - FortWorthFY22AdoptedBudget

XIV. Liability for Loss

Departments performing payment receipting activities retain the ultimate liability for
misappropriation and loss or theft of all funds on hand (including, but not limited to cash
and change drawers, daily receipts, imprest funds, equipment containing cash, etc.) until
such time as the custody is transferred to an armored car service or to the Department of
Financial Management Services through delivery of a deposit for processing.
Departments are required to notify the Assistant Director over Treasury, the City Auditor,
and the Risk Management Division, in writing, by the next business day, in the event any
funds are lost or stolen. This written notification must include the date and amount of the
loss in addition to an explanation and description of the sequence of events that lead to the
discovery of the loss, and a copy of the police report.

XV. Monitoring Performance

Departmental controls shall include a practical means for employees to report instances
where system controls, processes and/or procedures are overridden that could increase the
City’s risk exposure. Department Directors, Assistant Directors, and
Managers/Supervisors shall monitor and annually assess any risk areas and adopt
appropriate strategies to manage these functions, thereby minimizing loss opportunities.

XVI. Audits

The FMS Department will perform Cash/Change Drawer audits to determine whether each
Cash/Change Drawer and Imprest Fund balance is in agreement with the associated
balance on the City’s General Ledger.

The operational department(s) are responsible for auditing and validating all Cash/Change
Drawer and Imprest Fund balances on a quarterly basis and providing authorized FMS
Department personnel full access to all funds at all revenue collecting locations.

The FMS Department is responsible for notifying the operational department(s), within a
reasonable lead time, to ensure the person with authority is available during the audit. At
the conclusion of each Cash/Change Drawer and Imprest Fund audit, the FMS department
will provide a memo detailing the results of the audit which will include instruction
for how to handle identified discrepancies.

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