City of Blaine Anoka County, Minnesota - File #: RES 19-187

• File #: RES 19-187
• Version: 1
• Name: Adopt Electronic Funds Transfer (EFT) Policy
• Type: Resolution
• Status: Passed
• File created: 12/2/2019
• In control: City Council
• On agenda: 12/2/2019
• Final action: 12/2/2019
• Title: ADOPT ELECTRONIC FUNDS TRANSFER (EFT) POLICY
• Sponsors: Joe Huss

Date	Ver.	Action By	Action	Result
12/2/2019	1	City Council	Adopted	Pass

ADMINISTRATION - Joe Huss, Finance Director

Title

ADOPT ELECTRONIC FUNDS TRANSFER (EFT) POLICY

Background

In the City’s most recent audit (2018) the City’s auditors, Redpath & Company, noted the City’s statutory non-compliance for lack of an adopted Electronic Funds Transfer (EFT) Policy. Per Minnesota Statute 471.38, local government units are allowed to make payments via EFT and the governing board (the City Council) shall annually delegate the authority to make EFT’s to a designated administrator or chief financial officer.  In the City’s case, the Council would annually designate the authority to the Finance Director. 

Recommendation

Adopt the following resolution and the attached policy.

Body

WHEREAS, sound financial management requires the adoption of effective financial management policies; and

WHEREAS, Minnesota statutes 471.38 requires the adoption of a policy for paying by means of electronic funds transfer; and

WHEREAS, the city has developed the accompanying policy on Electronic Funds Transfers that meets the statutory requirements.

                      NOW, THEREFORE, BE IT RESOLVED, that the Blaine City Council adopts the accompanying Electronic Funds Transfer policy effective this day.

PASSED by the City Council of the City of Blaine this 2^nd day of December, 2019.