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Council authorizes closure of two seldom-used bank accounts to simplify accounting
Summary
Council authorized staff to close two bank accounts (LTF account ending in 9701 and storm account ending in 4201) and consolidate funds to reduce fees and simplify reconciliation. Finance staff said fund accounting controls will remain in place.
City finance staff proposed closing two accounts judged unnecessary to reduce monthly fees and simplify reconciliation. The accounts named in the staff presentation were the Local Transportation Fund account ending in 9701 and a storm account (ending in 4201); staff said the accounts receive little activity and maintaining multiple checking accounts increased reconciliation work.
Finance staff member Ashley said the city will preserve fund accounting controls even if accounts are consolidated and recommended authorization to close the two identified accounts. Ashley asked council to confirm there would be no conflict with fund-specific requirements; staff confirmed fund accounting and compliance would be maintained. Council moved and seconded the measure and approved the closures by roll call.
The council also discussed the number of bank accounts they intend to maintain and directed staff to return with any necessary municipal-code changes if the code conflicts with the proposed consolidation.
