The Director of Finance shall:

(a) Be responsible for the maintenance of a perpetual inventory in the Procurement Department and in every department, board or commission of the City or other governmental agency having possession of unissued stores of City property. He shall devise, install and supervise the operation of systems under which withdrawals from and replacements in stores will be currently recorded and reported to his office. He shall have supervision over the periodic (at least twice annually) counting, weighing or measuring of inventory quantities;

(b) Supervise the making of inventory lists of furniture and equipment by every officer, department, board, commission or other agency having possession of City owned property. The inventory lists shall be signed by such officer or by the head of such department, board, commission or other agency. The Director shall devise a system under which additions to and withdrawals from such furniture or equipment shall be currently recorded, and shall have supervision over the periodic (at least annually) counting of such furniture and equipment, and the reconciliation of such counts with the City's perpetual inventory records.

ANNOTATION

Sources: No specific source.

Purposes: Adequate records accounting for the City's property will afford an opportunity for effecting economies in the acquisition of new property and will result in the strict accountability of any person or agency charged with City property. To achieve this goal, the Director of Finance is required to maintain a perpetual inventory of unissued stores of the City and to install an accounting system whereby the status of such inventories will be maintained currently and will be known to his office. This system of inventory accounting is to include a physical inventory at least twice a year to assure its accuracy. A similar inventory procedure is required of every officer and agency of the City having furniture and equipment in his or its possession.