(1) The general manager is authorized to open two deposit (concentration/cash) accounts, one checking account (revolving), and one money market interest account in the name of and for the benefit of the district.

(2) The district may also have one deposit account maintained by the Snohomish County treasurer to receive ULID assessments and settle other district-related transactions.

(3) To account and segregate funds for public works contract retainage or other fiduciary funds as required by law or approved by action of the board of commissioners, the general manager may open other short or fixed term deposit accounts in the name of and for the benefit of the district.

(4) The general manager is authorized to establish credit/purchasing card processing accounts with third party agents in the name of and for the benefit of the district.

(5) All funds received and retained by the district shall be kept on deposit with a Washington State Public Depository, in approved working funds accounts, or with the Snohomish County treasurer.

(6) All district funds received shall be deposited within one business day of receipt.

(7) The district shall provide a numerically sequential receipt or a unique transaction batch number for all financial transactions.

(8) The general manager is authorized to create up to four district customer service cash drawers, each with a balance of $200.00 of working funds.

(9) Each customer service cash drawer shall balance and deposit funds daily. Any out-of-balance conditions (cash over/short) shall be reported to the finance manager, reviewed, and posted.

(10) Customer transactions and/or payments received after 2:00 p.m. of each business day may be credited on the next business day as part of the daily closing process for customer service cash drawers.

(11) Revolving fund checks are limited to the purchase of minor office supplies, small tools and equipment; other de minimis operating expenses, postage, credit/purchasing card payments, customer account refunds, and other one-time payments approved by the board of commissioners.

(12) All revolving fund checks must be provided to the board of commissioners at their next business meeting for review and approval.

(13) The district’s finance manager, or designee, is authorized to transfer funds from the deposit account to the revolving account to cover accounts payable and payroll expenses.

(14) The board of commissioners shall be presented all revolving checks and accounts payable checks issued on behalf of the district at its regular scheduled meeting for review and approval. The report of checks and warrants shall include the check sequence number, the date of issue, the vendor, a description of the goods or services purchased, the amount of the invoice, and the amount of the check.

(15) If the board of commissioners disapproves any preissued check, the disapproved check shall be recognized as a receivable of the district, and collections of said receivable shall be diligently pursued until the amounts disapproved are collected or until the board subsequently approves the expense.

(16) All district revolving checks and accounts payable checks shall be supported by detailed receipts or invoices and reviewed and approved by authorized district personnel.

(17) The general manager shall have the authority to designate district personnel to review and approve invoices for payment.

(18) The general manager shall have the authority to designate district personnel to sign checks and perform online banking transactions.

(19) The finance manager shall review all checks, prior to issue, to ensure proper supporting documentation and general ledger account coding. [Res. 855 § 1 (Exh. 1), 2024; Res. 770 § 2 (Att. A §§ A-1 – A-19), 2019.]