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Board of Finance Investment Report for FY 2016
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Board of Finance Investment Report for FY 2016
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City of South Bend <br /> Board of Finance <br /> Annual investment Report <br /> For the year ended December 31, 2016 <br /> Payroll Stale Dated Checks <br /> The current policy, as defined and approved by the Board of Finance, has defined that payroll checks <br /> drawn on city accounts will have a two (2) year active life from the date of issuance as noted on the <br /> check. Un-cashed checks, beyond the two (2) year active life period, are no longer valid and shall be <br /> classified as a stale dated check. <br /> Such checks, defined as stale dated, will be reported to the Board of Finance, with a recommendation <br /> from the City Controller on the disposition of the stale dated checks. <br /> Therefore, following represents the list of Stale Dated Payroll Checks as of December 31, 2016. <br /> Payroll Name Date $Amount Fund # Fund Name <br /> Ck# <br /> i <br /> Blair, Robert E 5/23/14 108.54 201 Parks <br /> 403901 <br /> 406939 Rex, Gregory O 8/29/14 200.34 201 Parks <br /> 408020 Rex, Gregory O. 9/26/14 47.12 201 Parks <br /> 409032 Gallegos, Nicole I. 11/07/14 180.72 201 Parks <br /> Total 536.72 <br /> City Recommendation <br /> The city recommends that such payroll checks, classified by city policy as Stale Dated, to be approved by <br /> the Board of Finance for cancellation. Said checks, shall be voided within the city's payroll system and <br /> removed as a payroll liability of the City of South Bend. <br /> Indiana Statute, allowing cancellation and voidance of un-cashed payroll checks defined as stale dated, <br /> will remain subject to claim by the payee for a period of seven (7) years from date of issuance. The city <br /> will maintain record of these potential liabilities, in the event a claim is made by any payee. <br /> 16 <br />
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