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Audit committee flags need for city policy on EFTs, cash handling and penny retirement
Summary
Staff told the audit committee Fayetteville lacks a council-approved electronic-fund-transfer policy required under Arkansas guidance and recommended drafting a cash-handling policy (including how to treat pennies and small-cash payments).
FAYETTEVILLE — Committee members agreed the city must formalize cash-handling procedures and adopt an electronic-fund-transfer policy after staff said current practice predates state guidance.
Speaker 1 said the Arkansas Municipal League and Arkansas law require a council-approved policy to use EFTs, and that Fayetteville has been using electronic transfers without a formal written policy.…
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