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Auditor introduces revised Story County financial policies; raises inventory threshold to $1,000
Summary
County Auditor Lucy Martin presented updated financial policies subject to seven-day review, including a new appendix for disposal of tangible assets and correcting cross-references after purchasing policy updates; the physical-inventory threshold was raised from $500 to $1,000.
County Auditor Lucy Martin presented an updated draft of Story County's financial policies during the Aug. 4 meeting and asked the board to adopt the changes subject to the county's seven-day review policy.
Martin said the update adds an appendix (Appendix C) that details disposal procedures for tangible assets such as computers, vehicles, and furniture and that many changes reflect codifying existing practice rather than new operations. She noted an administrative correction tied to recent procurement-policy updates and confirmed the physical-inventory threshold has been raised from $500 to $1,000. "I would say it's nothing that we aren't doing already," Martin said, describing the revisions as formalizing practices and improving cross-references. The board voted to adopt the revised financial policies subject to the required seven-day public review.
The action does not change immediate practice beyond the updated documentation; auditors and procurement staff will monitor the appendix for future updates as needed.
