06-25-2018 Council Packet - Laserfiche WebLink

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AGENDA ITEM Item No.: Date: June 25, 2018 Item Description: Authorization Staff to Refund Escrow Payments Prior to Council Approval Presenter: Ron Olson Agenda Consent Agenda Finance Director Section: 1. Purpose. The purpose of this action item is to approve a resolution Authorizing Staff to Refund Escrow Payments Prior to City Council Approval. 2. Background. The City collects escrow payments various land use purposes: variances; CUP's; grading; building permits for example. The amounts of the escrows typically range from $700 to $10,000. Upon the verified completion of the project that the escrow has been collected for, the escrow is refunded to the applicant. It is not uncommon for some projects to last a year or longer, and many applicants are very anxious to have their money returned to them upon project completion. Because the City only processes accounts payable two times per month, this can result in a two or three week delay in the escrowed funds being returned. When informed of the delay, applicants can become annoyed. In order to eliminate this delay, staff is requesting authorization to process escrow refunds weekly instead of waiting for the regular accounts payable processing. The escrow payments would be presented for approval with the regular accounts payable at the next council meeting. This is similar to the practice used in December when there is only one council meeting and checks written at the end of December are approved in January. 3. Cost. There is no cost to this procedural change. 4. Staff Recommendation. Staff recommends approval of the resolution Authorizing Staff to Refund Escrow Payments Prior to City Council Approval. COUNCIL ACTION REQUESTED Motion to adopt a Resolution Authorizing Staff to Refund Escrow Payments Prior to City Council Approval. Exhibits Exhibit A. Resolution Prepared By: qJV Reviewed By:.b)X1 Approved By: -SbV