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PIDA opens independent bank accounts, institutes two-signature disbursement controls
Summary
PIDA staff said the agency has opened new bank accounts, moved most funds from Wells Fargo, and set two-signature checks and two-step wire approvals to separate accounting from the city and reduce audit risk.
Abby, a PIDA staff member, told the board the agency has opened new bank accounts and moved 90% of balances from the Wells Fargo account into the new accounts, leaving 10% to earn interest until transition completes. “So going forward, we have officially opened up our bank account,” Abby said.
She described new internal controls for disbursements: checks will require signatures from Abby and Matthew, and the bank’s wire flow is set so one person creates the wire and the other must approve it before payment. Abby said the move separates PIDA’s accounting from the city and is aimed at avoiding audit issues.
