Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Homewood finance staff asks committee to recommend Synovus Bank as city depository after treasury review
Summary
Finance Director Lester Smith invited Synovus Bank to present treasury and fraud-mitigation services and asked the Finance Committee to recommend placing city deposits with Synovus; the committee will consider a council vote next Monday.
Homewood Finance Director Lester Smith asked the Finance Committee on Jan. 6 to recommend that the City Council approve Synovus Bank as a depository and partner to help redesign the city’s treasury controls and payments systems.
Smith told the committee the request ties to an ongoing upgrade of the city’s accounting software (Encode 9 to Encode 10) scheduled to start Jan. 20 and go live May 1, and that Synovus’s services would be implemented alongside that software work to build approval workflows into the system.
Synovus representatives described a three-part offering: a business-process review to document and flowchart receivables and payables workflows; fraud-mitigation and reconciliation services; and payments management that includes a virtual-card…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
