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Township staff seeks to consolidate bank accounts, run RFPs for banking and payroll and modernize purchasing
Summary
Staff presented a plan to issue an RFP for banking services, consolidate roughly two dozen bank accounts and funds down to 10, create a separate grant fund, seek payroll proposals with electronic portals and implement an electronic purchasing flow; auditor review and timing of the annual financial statement were also discussed.
A staff member presented a package of administrative and financial reforms aimed at strengthening internal controls and streamlining operations. The presenter asked the committee to authorize an RFP for banking services and explained a plan to reduce the number of physical bank accounts and internal funds from about 24/36 to 10, while keeping independent sub-accounting for trust funds. "I'd like to reduce that down to 10," the staff member said, and added that the auditor had reviewed the approach.
Staff described a separate physical fund and checking account for grant funds to avoid interfund confusion and suggested combining grant accounting in the township's finance software. The staff member also recommended soliciting proposals for payroll services that include an electronic portal and third-party disbursement options to reduce manual processes and fraud risk.
On purchasing the staff previewed an electronic requisition and purchasing flow that brings liaisons in earlier to vet expenditures before contractual obligation. The presenter said this would enable departments to enter requisitions electronically and for certified funds to be approved by the QPA so purchase orders go directly to vendors in electronic form.
The auditor is preparing the annual financial statement (AFS); the presenter said once the AFS is complete the committee will have clearer year-end 2024 numbers and a better budget outlook for 2025. Staff committed to returning with updates on payroll-provider proposals and the results of the banking RFP at a future meeting.
