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Commissioner Hovis - Finance - To Approve and Establish the Daily Deposit Threshold for all Cash Collection Sites of Five Hundred Dollars ($500.00), and to Authorize the Finance Officer to Develop and Implement a Process for Daily Deposit Requirements, Pursuant to NCGS 159-32
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STAFF CONTACT
Kyle Sutherland - Finance - 704-866-3032
BUDGET IMPACT
budget
N/A
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
All moneys collected or received by an officer or employee of a local government shall be deposited daily pursuant to North Carolina General Statute 159-32. However, if the governing board gives approval, deposits shall only be required when the moneys on hand amount to five hundred dollars ($500.00) or greater. Currently, there are collection sites that are required to make daily trips to the bank and submit deposit documentation for deposits totaling less than one dollar ($1.00). The staff time, both in the departments and in Finance, to process deposits takes away from other daily work duties. The Finance Department is currently processing over 2,000 deposits a month.
POLICY IMPACT
The Finance Officer will develop a procedure to ensure adequate controls are in place and functioning as intended prior to authorizing that a cash collection site may follow the Board approved daily deposit threshold.
ATTACHMENTS
Resolution and NCGS §159-32, Daily Deposits