Title
A resolution adopting revised policies regarding investments, county credit cards and petty cash funds.
Body
Recommended Action: Approve the resolution.
The Board of Commissioners has adopted numerous policies governing financial management activities. The policies are reviewed periodically to assure they reflect the desires of the Board and current best practices. The policies concerning investments, county credit cards, and petty cash funds have been reviewed and found to be in need of revision. The proposed policies are attached, and accompanying each of the policies is a summary of changes from the corresponding current adopted policy.
None of the proposed changes will cause major adjustment in the guidance provided to staff by the Board.
The changes to the petty cash policy are intended to more clearly assign authority and responsibility for the establishment, custody, and use of petty cash than is done by the current policy, which was adopted more than 25 years ago.
The changes to the investment policy are intended to comply with criteria established by the state government for investment policies that will be eligible for approval by the Pooled Money Investment Board, which in turn enables that government to take advantage of a more extensive set of investments under state law.
The changes to the county credit card policy are intended to interface with the revised purchasing policy adopted by the Board several months ago. The installation of a new procurement system is nearing completion, and it will shift the bulk of county procurement to annual contracts, each of which will provide standard pricing of goods and services to any county department needing those goods or services during the term of the contract. With this shift, the expectations for use of county credit cards also will be adjusted, and the revised policy sets these altered expectations.
Alternatives: The commission could decline to approve the resolution, in which case ...
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