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Pataskala finance committee recommends adding employee-dishonesty insurance alongside surety bonds
Summary
Finance staff told the committee that state auditors can place fiscal officers on ‘‘findings for recovery,’’ and presented a plan to add employee-dishonesty/faithful-performance insurance (in addition to existing surety bonds). The committee voted to recommend the measure to council and asked staff to place a resolution on the next council agenda.
Pataskala City finance staff proposed adding employee-dishonesty/faithful-performance insurance alongside existing surety (performance) bonds to reduce the risk that a fiscal officer could be held personally liable for missed payments, and the finance committee voted to recommend the change to city council.
Jennifer, finance staff, told the committee that state auditors can list fiscal officers on what she called 'findings for recovery' when invoices are late or unpaid, which can create personal repayment responsibility. She said the proposal would add an insurance policy that generally would make the insurance primary and reduce the chance an individual…
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