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010
MART
VOTING: Ayes - 5; Nays - 0.
RESOLUTION ESTABLISHING A CASH MANAGEMENT POLICY: MOTION
from Commissioner Madison to adopt the following policy as
presented by the Finance Officer:
WHEREAS, to fully maximize the use of public moneys is in the
best interest of the public; and
WHEREAS, it is the responsibility of the director of finance,
supported by the Board of Commissioners and County Manager, to
supervise the management of public moneys of the County of Iredell;
and
WHEREAS, it is the desire of the Board of Commissioners to use
all of its public funds in the most efficient manner;
NOW, THEREFORE, BE IT RESOLVED BY THE IREDELL COUNTY BOARD OF
COMMISSIONERS THAT:
Section 1. The Board of Commissioners hereby charges the
director of finance, with the cooperation of all
County departments and officials, to devise
and implement a cash management plan which
addresses cash receipts, cash mobilization and
management of available resources
(deposits/investments), cash disbursements,
banking relations, and monitoring and reporting
on the plan.
Section 2. The independent auditor for Iredell County shall
monitor the County's compliance with the
established cash management plan and the reports
of the director of finance thereon. He shall
report his findings and recommendations annually
to the Board as a part of the County's annual
audit.
Section 3. Each year the plan will be reviewed by the
director of finance during budget preparation.
The director of finance shall amend the plan,
as appropriate, to further enhance the
County's cash management program. All plan
amendments shall be presented to the Board of
Commissioners for review at the next meeting
after the amendment has been made.
Section 4. The director of finance and the tax collector
shall each give a true accounting and faithful
performance bond with sufficient sureties in
the amount of $100,000. All other employees
handling the County's moneys or assets shall
be covered under the $50,000 blanket faithful
performance bond.
Section 5. The following procedures are hereby established
and shall be incorporated in the cash receipts
section of the cash management plan:
(1) Except as otherwise provided by law, all taxes
and moneys collected or received by an officer or
employee of the County shall be deposited in an
official depository in accordance with G.S. 159-
32.
(2) Moneys received shall be deposited daily in the
form and amounts received. These moneys shall
be deposited in such a manner as to receive the
current day's credit.