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(a) Water improvement district officers are permitted to establish petty cash funds so long as the funds are maintained on the basis set forth in this section.
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(b) The establishment of a petty cash fund must be approved by the board of directors.
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(c) In establishing such a fund, a check is to be drawn payable to “petty cash.”
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(d) That amount may be maintained in the district’s office for the handling of small expenditures for items such as postage, light bulbs, delivery fees, etc.
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(e) A paid-out slip is to be prepared for each item of expenditure from that fund and signed by the person receiving the moneys.
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(f) These paid-out slips shall be maintained with the petty cash.
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(g) When the fund becomes depleted, the district’s official may then draw another check payable to “petty cash” in an amount which equals the total paid-out slips issued. At that time, the paid-out slips shall be removed from the petty cash fund and utilized as invoice support for the check replenishing petty cash.
