01-22-18 Board of Finance - Laserfiche WebLink

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Secretary Dr. Varner followed up, In our reduced evaluation of the bond,that is because interest rates are going higher? Mr. Gifford replied, You are correct. We have an agreement with the City that we are not going to sell them at a loss and we will just let it come back because it matures so quickly. Rahman Johnson, Director of Treasury for the City of South Bend with offices on the 121" floor of the County-City Building, stated, I will be walking you through pages fifteen(15)to twenty- seven(27). Page fifteen(15) deals with our Stale Dated Check Policy. He read from the policy, "The City has defined that payroll checks and account payable disbursement 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 Un-cashed checks, beyond the two (2) year active life period, are no longer valid and shall be classified as a stale dated check."He went on, Pages seventeen(17) and eighteen(18)have a list of accounts payable checks that have expired. We do reissue those checks and do our best to locate those individuals. Page nineteen(19)has a gentleman by the name of Dr. Fred Ferlic, a former Councilmember, who has yet to cash his checks from April 2015. 1 believe we could track him down. Councilmember Karen White asked, Looking at the two (2) year policy timeline based on the month, most of these are past that two (2) year threshold. Have you notified these individuals of what the action will be? Mr. Johnson replied, Yes,they are notified one (1) more time and if there is no response or no subsequent action, the funds are absorbed back into our fund. Page twenty(20),twenty-one (21) and twenty-two (22) is the Monthly Controller's Cash Report. We provide this every month and it is basically a summary of cash and investments by Fund for a given month. Currently,the City has approximately one hundred seven(107) Funds. With the help of the various fiscal officers throughout the City, we are pretty accurate in placing the monies in the appropriate funds. I do rely heavily on the fiscal officers throughout the City to input the money correctly and at the end of the month,I have to reconcile and I trust that everybody has put the money in their correct Fund. Page twenty-three (23) deals with our interest summary. You just heard Mr. Paul Gifford speak about the interest. After their monthly activity, interest kicks in for me. This year, for 2017,the total was $2,737,881. Councilmember White asked, Is there any particular Department that gets the biggest share of the interest disbursement? Mr. Johnson replied, It would be the Fund with the most monies in its current balance and that is usually Fund#324. He continued, Page twenty-four(24) shows the same interest but in graph form. That data is from 2009 through 2017. There was a big jump in 2015. Pages twenty-five (25) and twenty-seven (27) show a different format of this summary that breaks it down by the Fund per year. President Ferlic opened the floor to Councilmembers for any other questions they may have. There were none. 3