Financial Policy Handbook 2017

approved by the Finance Director. If the applicant is an elected official, the application must be approved by the City Council. b. The application will include the proposed account authorization/spend profile for the card. 2. Applicants must agree to the terms and conditions of the purchasing card program prior to card issuance. a. Applicants will be provided with a copy of the City’s Purchasing Card Policy. b. Applicants must sign and submit a Purchasing Card Program Cardholder Agreement to the program administrator. SECTION 4 - SECURITY 1. Purchasing cards are the property of the City of Spencer. 2. It is the responsibility of the cardholder to keep the card and related account information in a safe location. 3. Cardholders shall immediately report lost or stolen cards to the program administrator. If a card is lost or stolen during non-business hours, the cardholder shall immediately report the loss of theft to the card provider and report the loss or theft to the program administrator immediately on the first business day thereafter. 4. Cardholders shall return cards to the payment administrator when employment with the City is terminated, when the cardholder is no longer participating in the program, or when requested to do so by the program administrator due to violations of this policy. SECTION 5 - DOLLAR LIMITS 1. Department directors will establish purchase limits for cardholders in their respective department. 2. Purchases are limited by a maximum daily limit and monthly limits. 3. Transactions shall not be split into multiple transactions in order to circumvent this policy. SECTION 6 - UNALLOWABLE PURCHASES 1. The purchasing card shall not be used for the following types of transactions: