DATE: November 5, 2014
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Lawrence Sullivan, Assistant City Recorder
SUBJECT:
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Consideration of Amendments to the Fiscal Policy for Receiving and Depositing Cash (11/13/14 Finance 3-0)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning changes and expansion of the City of Franklin Fiscal Policy for Receiving and Depositing Cash and cash-like items received in the normal course of business.
Background
The City currently has procedures for receipting cash, checks and other near-cash instruments. In the process of preparing for implementation of a new utility billing and cashiering software installation, it was necessary to update the cash receipt and deposit policy of the City and extend it to cover departments that have not traditionally receipted funds.
Financial Impact
There is no direct financial impact. The policy addresses procedures and internal controls to assure appropriate handling of cash and cash-like items.
Recommendation
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Staff recommends approval of the updated Policy