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Bristol adopts cash penny-rounding policy for cash payments
Summary
Council adopted a cash payment rounding policy based on GFOA guidance that will round cash transactions to the nearest five cents and take effect immediately upon passage.
The Bristol City Council voted to adopt a cash penny-rounding standard for cash payments, following a recommendation from the Government Finance Officers Association. The policy applies to cash transactions and is intended to address diminishing circulation of pennies.
As read into the record, the policy rounds cash amounts as follows: 1–2¢ are rounded down to 0¢; 3–4¢ are rounded up to 5¢; 6–7¢ are rounded down to 5¢; and 8–9¢ are rounded up to 10¢. The chair said the policy is intended to start immediately upon receiving positive votes.
Council members discussed implementation and confirmed the change will apply to the tax office and other city desks that accept cash. The motion carried by voice vote.
