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Goldsboro council adopts fidelity bond policy, keeping blanket coverage for staff who handle funds
Summary
The Goldsboro City Council unanimously adopted a resolution to formalize the city's existing blanket fidelity bond that covers employees who handle public funds, rather than requiring individual bonds for each staff member.
Goldsboro's City Council voted unanimously to adopt a Fidelity Bond Policy that formalizes the city's long-standing use of a blanket bond to cover employees who handle public funds.
City staff told the council the policy is intended to put the city's existing practice in writing so future councils will have a clear policy to follow. A staff member said the blanket bond avoids the cost and administrative burden of obtaining separate fidelity bonds for every employee who may handle money.
The staff member said, "...the fidelity bond is not gonna be individually required on all the people that handle money for the city, because it's not just the four people that work downstairs in revenue collections, you probably are gonna touch every department. And it would be extremely cost prohibitive to try to get individual bonds on each one, so basically, the policy says the council agrees that we have a blanket bond because that's how the city has always handled it." The staff member added that the city's insurance policies cover anyone who handles public funds, public assets, or inventory.
After brief remarks from council members indicating no objections, the presiding officer called for a motion. A motion to adopt the resolution authorizing the Fidelity Bond Policy was made, seconded and approved by voice vote. The council did not record individual vote tallies in the transcript.
The adopted resolution places the policy in the council's official records and was presented for signature following the meeting.
