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Council adopts cash penny rounding policy for cash payments
Summary
Citing guidance from the Government Finance Officers Association and the decline of penny circulation, the council unanimously adopted a cash rounding policy for cash transactions (rounding to nearest nickel) effective immediately for city offices that accept cash.
The City Council voted to adopt a cash penny rounding policy for cash payments following guidance from the Government Finance Officers Association.
A council member read the proposed standard aloud: amounts ending in 1¢ and 2¢ will be rounded down to 0¢, 3¢ and 4¢ rounded up to 5¢, 6¢ and 7¢ rounded down to 5¢, and 8¢ and 9¢ rounded up to 10¢. The motion also included a clause that if the federal government adopts a different rounding standard for commerce, the federal standard will supersede the city policy.
The mayor said the change follows other municipalities and is limited to cash transactions (for example, in the tax office and other city cash‑accepting offices) because pennies are going out of circulation. The council approved the policy by voice vote and the measure takes effect immediately upon passage.
