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Council authorizes combining EDA checking into general account after audit recommendation
Summary
Following an audit recommendation, council authorized combining the EDA checking account into the city's general checking account while keeping separate accounting records; staff said only one EDA check is written annually.
The council authorized staff to combine the Economic Development Authority (EDA) checking account into the city's general checking account following an audit recommendation that found no operational reason to keep separate accounts when only one EDA check is issued annually.
Staff said the accounts will remain separated on the city's financial records even though the accounts will be combined at the bank. "The auditors have suggested, there is really no reason at this point we have separate general fund checking account from our EDA checking account... They will still be separated on paper," staff said. Council moved and unanimously approved the authorization.
Staff said the change will simplify banking relationships while preserving financial controls on EDA funds; the finance committee had discussed the recommendation and supported it in a prior meeting.
