Financial Policy Handbook 2017

FINANCIAL POLICY AND PROCEDURES MANUAL

Title: FINANCIAL POLICY

Date of Version: 10/16/2017

Section: RECORDS RETENTION - FINANCIAL

Resolution No.: 5700

SECTION 1 - PURPOSE

State law does not specify retention policies for local government records, however, the Code of Iowa, Chapter 372.13(5) does set minimum record retention periods for certain municipal records. Per Iowa Code, general city records, or accurate reproductions should be kept a minimum of five (5) years, eleven (11) years following the final maturity of bond obligations, and permanent retention of ordinances, resolutions, council proceedings, and real property transactions. Chapter 372.13(5) also authorizes the retention of documents or accurate reproductions from electronic or other forms of retention.. Chapter 622.30 authorizes electronic reproduction and destruction of original documents as admissible documents in court. The City of Spencer adopted its overall Records Retention Manual on October 17, 2016 by Resolution 5558. The City has adopted the Record Rection Manual for Iowa Cities (Created by the Iowa League of Cities, State Historical Society of Iowa’s State Archives and Records Bureau and Iowa Municipal Finance Officers Association) as it’s offical retention policy. While the full policy addresses several types of City records, this policy pertains just to those records that are of a financial background and is a subset of the overall city adopted policy.

SECTION 2 - RESPONSIBILITIES

The Finance Director shall be responsible for the implementation of this policy and shall sign off on any destruction of documents that are covered by the schedule that is set forth in the Policy.

SECTION 3 - RETENTION SCHEDULE

The following retention schedule is adopted for Finance Department Records and/or those records created by another Department that have a financial nature.