At a special-called meeting Monday, the Lakeland mayor and city board approved two new documents — separate internal control manuals for the city and the school district.
The documents meet a requirement by the Tennessee Comptroller of the Treasury with a June 30 deadline. The purpose is to formalize the best practices used by the city and the school district in how they manage public funds and property.
The documents address five components of internal control and three objectives. The three objectives are:
- Reporting – reliability
- Operations – effective and efficient
- Compliance – compliant with applicable laws, regulations, contracts and grant agreements
The five components are:
- Control environment
- Risk assessment
- Control activities
- Information and communication
- Monitoring
See the documents in full via links from the agenda, online at http://tn-lakeland.civicplus.com/ArchiveCenter/ViewFile/Item/561.
