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Finance committee approves formal policy for uncashed checks
Summary
City staff proposed a formal uncashed-check policy after identifying 15 outstanding payments from 2019–2021; the committee approved a policy aligned with state law and accounting standards to handle unclaimed funds.
Helga Cotter, the city's director of administrative services, introduced a proposed uncashed-check policy and said the change would be added to the administrative policy manual. She told the committee that state law allows uncashed checks older than one year under $15, or those over $15 and older than three years, to become the property of the city after publication on the city's website or in a local newspaper.
"This policy has been initiated due to 15 outstanding checks dated between 2019 and '21 that were still outstanding as of June 2024," Cotter said, noting staff had successfully contacted all but one payee by August 2024. Committee members asked procedural questions about which local publication met the notice requirement and confirmed the city uses positive-pay with its bank. After a brief exchange, the committee moved, seconded and approved the policy on a unanimous roll call.
