Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Treasurer Operations topic
No spam. Unsubscribe anytime.
Coconino County treasurer outlines $1.4B reconciliation, lockbox bank change and staffing request
Summary
Treasurer Sarah Benatar described the county’s cash and investment operations — roughly $1.4 billion reconciled annually — and announced a planned bank/servicing change that will add a lockbox for property‑tax receipts, new fraud protections, and a staffing request to meet updated separation‑of‑duties guidance.
Coconino County Treasurer Sarah Benatar told the Board of Supervisors on May 15 that the treasurer’s office expects to reconcile about $1.4 billion in cash and investments for fiscal 2026 and is preparing a bank and service change that will add a lockbox for property‑tax receipts and new fraud protections.
“We are estimating that we are going to reconcile $1,400,000,000 this fiscal year,” Benatar said during her presentation, describing a portfolio of deposits and investments the office manages for the county and dozens of taxing jurisdictions.
Benatar outlined three near‑term operational changes: (1) moving to a new servicing bank that will run a lockbox to process mailed tax payments directly (reducing county processing time and improving cash‑flow timeliness); (2) implementing “positive pay” and other fraud‑reduction tools; and (3) updating the county’s credit‑card and kiosk options for taxpayers. She told supervisors the lockbox and improved bank services are funded from interest and pool fees rather than the general fund.
The treasurer also described why the office is seeking an additional FTE. An audit trend and guidance updates to the Uniform Manual for Arizona County Treasurers (UMAT) call for tighter separation of duties: staff who post cash, staff who disburse funds and staff who reconcile should be segregated. At current staffing levels, Benatar said the office would not achieve those separations without adding dedicated banking/disbursement capacity.
Benatar said the office is already keeping more cash liquid while grant and federal reimbursements are delayed and that school district funds make up roughly 45% of balances on deposit. She noted the office’s in‑house investment management saves roughly $1 million per year versus third‑party money managers, and reported a 98% property‑tax collection rate at fiscal year end.
The board did not take formal action on the treasurer’s requests during the hearing; staff will return with budget details and proposed position language for FY 2026.
