The Paddock Lake Village Board has raised the threshold at which expenditures will need approval from the board’s Finance Committee.
In the past, any expenditure above $100 had to go before the board committee. That longstanding standard has not kept up with current costs, said Janet Cushing, deputy clerk/treasurer at Wednesday’s Village Board meeting.
The new thresholds will be:
- Expenses up to $300 will require a purchase order signed by the village administrator.
- Expenses from over $300 to $1,000 will require a purchase order by the village administrator and the chairman of the appropriate board committee.
- Expenses over $1,000 will go to the Finance Committee.
There are some exceptions to the policy, including regular utility bills, monthly contracts and the village’s account at Reineman’s True Value hardware store, which has a large number of small individual charges.