Title 14, Local Government

(a) All disbursements of municipal funds, except those described in this section and as noted in § 14-59-106, petty cash funds, are to be made by prenumbered checks drawn upon the bank account of that municipality. (b) The checks shall be of the form normally provided by commerci…

(a) Municipalities are permitted to establish petty cash funds, so long as the funds are maintained as set forth in this section. (b) (1) The establishment of such a fund must be approved by the city council.(2) (A) In establishing such a fund, a check is to be drawn upon the gen…

(a) The governing body shall adopt a policy defining fixed assets. At a minimum, the policy shall set forth the dollar amount and useful life necessary to qualify as a fixed asset. (b) (1) All municipalities shall establish by major category and maintain, as a minimum, a listing …

(a) (1) On a monthly basis, all municipalities shall reconcile their cash receipts and disbursements journals to the amount on deposit in banks.(2) The reconciliation under subdivision (a)(1) of this section shall be approved by a municipal official or employee, other than the pe…

(a) All funds received are to be formally receipted at the time of collection or the earliest opportunity by the use of prenumbered receipts or mechanical receipting devices. (b) (1) In the use of prenumbered receipts, the following minimum standards shall be met:(A) If manual re…

(a) (1) Municipalities shall establish a cash receipts journal or an electronic receipts listing that shall indicate:(A) The receipt number;(B) The date of the receipt;(C) The payor;(D) The amount of the receipt; and(E) Classification or general ledger account.(2) The classificat…

(a) (1) Municipalities shall establish a cash disbursements journal or electronic check register that shall indicate the date, payee, check number or transaction number, amount of each check written or transaction, and classification or general ledger account.(2) The classificati…

(a) Accounting records can basically be divided into the following three (3) groups:(1) (A) Support Documents. Support documents consist primarily of the following items:(i) Cancelled checks;(ii) Invoices;(iii) Bank statements;(iv) Receipts;(v) Deposit slips;(vi) Bank reconciliat…

(a) (1) A municipal treasurer, whether elected or appointed, shall complete eight (8) hours of training provided by the Arkansas Municipal League in cooperation with Arkansas Legislative Audit.(2) (A) A newly elected or appointed municipal treasurer shall complete the training re…

(a) (1) The governing body of each municipality shall publish annually a financial statement of the municipality, including receipts and expenditures for the period and a statement of the indebtedness and financial condition of the municipality. The financial statement shall be p…

(a) (1) If Arkansas Legislative Audit determines that a municipal treasurer is not substantially complying with this chapter, Arkansas Legislative Audit shall report the findings to the Legislative Joint Auditing Committee.(2) (A) If a public official or a private accountant dete…

(a) Any municipal treasurer who refuses or neglects to maintain the books and records provided in this chapter shall be deemed guilty of malfeasance. (b) Upon conviction in circuit court, the municipal treasurer shall be fined in any sum not less than one hundred dollars ($100) n…

(a) A municipality may accept a legal payment and any associated costs through a debit card or credit card in accordance with applicable state and federal law. (b) (1) A municipality may enter into a contract with a credit card or debit card company and pay any fee normally charg…

(a) (1) The Legislative Auditor shall develop a comprehensive financial management system, to be known as the “uniform chart of accounts”, for appropriated funds of cities of the second class and incorporated towns.(2) The purpose of the uniform chart of accounts is to provide ne…