Board of Finance Investment Report for FY 2016

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 Un-cashed checks, beyond the two (2) year active life period, are no longer valid and shall be classified as a stale dated check.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