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AGENDA ITEM <br />Prepared By: RJO Reviewed By: Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. To gain Council approval to increase the check amount require a third signature <br />from $5,000 to $25,000. <br /> <br />2. Background. As part of the City’s Financial Internal Controls, the City requires a third <br />signature on checks greater than $5,000. This has been the amount for many years and as costs <br />have increased the number of checks requiring a third signature has increased greatly. A <br />majority of the checks exceeding the limit are now for items like: Electrical Service, Road Salt, <br />Fuel, Escrow Refunds, Recycling Service, and other routine operating expenditures. The <br />requirement for a third signature Staff would like to increase the limit for the third signature to <br />$25,000. <br /> <br />A listing of checks issued in 2021 that were in the amount between $5,000 and $25,000 is <br />included with this memo so that the Council can see an example of check in the affected range. <br /> <br />3. Cost. There is no cost to this change. <br /> <br />4. Staff Recommendation. Staff recommends the approval of an increase to $25,000 to the <br />amount requiring a third signature on checks. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve increasing the amount of checks that require a third signature to $25,000. <br /> <br /> <br />Exhibits <br />A. Check Listing <br /> <br /> <br /> <br />Item No.: 11 Date: January 24, 2022 <br />Item Description: Authorization for Signatures on Checks <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda