Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Cash Rounding topic
No spam. Unsubscribe anytime.
Council looks to align city policy with state law on cash-rounding after penny shortage
Summary
Staff recommended a city policy that follows recently enacted state legislation (House Bill 2334) establishing when cash transactions should be rounded if pennies are unavailable; staff suggested cataloging rounded transactions for audit oversight and handling mixed-tender transactions explicitly.
Council reviewed a proposed policy to handle rounding of cash transactions after the state enacted related legislation. Staff explained "the legislature passed has house bill 2 3 3 4, which indicates, a process of when transactions should be rounded, whether up or down, in the event that it's an all cash payment and pennies are not available," and said the policy would ensure the city follows that statutory guidance.
The proposed local policy would follow the state rounding rules for cash transactions while adding internal documentation and procedures for mixed-tender payments (part cash, part check or card). Staff recommended cataloging rounded transactions—recording the pre- and post-rounded amounts and reasons—to support future reconciliations and potential auditor inquiries. Council members asked procedural questions about which clerk or billing staff would handle rounding and whether the policy would be permanent; staff said the law prescribes the rounding mechanism and the policy provides internal oversight.
Provenance: topicintro SEG 1590, topfinish SEG 1744
