(1) All erroneous or irregular variances, losses, shortages, or thefts of town funds or property, or funds or property the town holds in trust, shall be reported to the council president or his designee, the town council and the clerk-treasurer in writing, promptly.

(2) It will be the policy of the town council president and the clerk-treasurer to report to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of cash in excess of $1,000, except for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the town of Homecroft.

(3) It will be the policy of the town council president and the clerk-treasurer to report to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of noncash items in excess of $1,000 estimated market value, except for inadvertent clerical errors or misplacements that are identified timely and promptly corrected with no loss to the town of Homecroft and also excepting for losses resulting from genuine accidents. [Ord. 16-01 (Exh. A), 2016.]