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Comments and Recommendations <br /> Financial Policies and Procedures Manual ' <br /> Comment ' <br /> We believe that preparation of formal policies and procedures manuals would improve and standardize the <br /> Towns financial policies and procedures. Inherent in any organization that operates without formalized written ' <br /> procedures are inconsistencies in everyday policies and procedures. The number of such inconsistencies can be <br /> minimized by the written codification of policies and procedures and insistence on adherence to them. <br /> Such a manual should include policies and procedures relative to all financial functions and processes,including, ' <br /> but not limited to,the following: <br /> ➢ Cash receipts ' <br /> ➢ Purchase orders <br /> ➢ Cash disbursements <br /> o Payroll ' <br /> o Vendor <br /> ➢ Maintenance of capital assets <br /> ➢ Administration of grants , <br /> ➢ Annual budgets <br /> ➢ Month-end and year-end closing procedures <br /> The manual should also clearly define the objectives,responsibilities and authorizations for all employees/job , <br /> positions. <br /> The use of written policies,procedures,and job descriptions in conjunction with specific assignment of ' <br /> responsibilities would increase supervisory personnel's effectiveness. Such written documents would decrease <br /> the time spent on supervision of clerical personnel and in attempts to define job responsibilities on each occasion <br /> of employee turnover. ' <br /> Recommendation <br /> We recommend management continue towards the completion of a formal financial policies and procedures <br /> manual for all the financial functions of the Town. We also recommend that each section of the manual be <br /> approved by the Board of Selectmen. <br /> Management's Response <br /> The Town is in the process of creating a manual of financial policies and procedures. t <br /> 1 ' <br />