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Fiscal officer: revenues ahead of expectations; recommends hybrid account and positive-pay for e-payments
Summary
Ross Township fiscal officer reported revenues above forecast and $112,000 earned on a renewed CD between Nov. 2023 and Nov. 2024; she urged the board to adopt a hybrid interest-bearing account and extend positive-pay protections to electronic payments, with a formal resolution planned for January.
Julie Joyce Smith, Ross Township fiscal officer, told trustees that overall revenues have exceeded conservative budget expectations and that, since renewing a certificate of deposit in November 2023, the township earned $112,000 in interest through November 2024.
Smith recommended switching to a hybrid account that combines checking and money-market features to capture higher interest and implementing positive-pay fraud controls for electronic payments in addition to the existing protection for paper checks. She said the added protections are increasingly important because of evolving fraud methods and described a recent example in which a stolen check was fraudulently resubmitted.
The fiscal officer asked the board for permission to move forward with the account change and a plan to bring a formal resolution at the first meeting in January. She said she expects some initial setup work and modest fees but argued that stronger internal controls and higher interest revenue would make the changes worthwhile.
Trustees signaled support and asked for details on fee estimates; Smith said she would provide the firm fee examples and a draft resolution at the January meeting.
