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HomeMy Public PortalAboutSigning Authority - Banking TransactionsPage 1 of 3 COUNCIL POLICY Effective Date: April 27, 2020 Page 1 of 3 SECTION: Finance TITLE: Signing Authority – Banking Transactions PURPOSE: This Policy outlines the principles and procedures the Town has created in order to establish controls over legal and financial commitments through the comprehensive assignment of signing authority to specific positions within the Town. SCOPE AND LIMITS: This Policy applies to all legal and financial documents of the Town that require an authorizing signature(s); examples include contracts, agreements, applications for funding, real property transactions, leases, cheques and other banking-related documentation. RESPONSIBILITIES: The Chief Financial Officer shall ensure cheques and other banking-related documentation are signed in accordance with this policy. The Corporate Officer shall ensure that legal documents are signed in accordance with this policy. SIGNING AUTHORITIES: Elected Officials: Mayor and Town Councillors Appointed Officials: Chief Administrative Officer Chief Financial Officer Deputy Finance Officer Corporate Officer Director of Operations Director of Development Services SIGNING AUTHORITY – BANKING TRANSACTIONS Page 2 of 3 PROCEDURE: The execution of financial and legal documents on behalf of the Town shall require two (2) signatures as follows: • Two separate signatures from among the chief administrative officer, chief financial officer, deputy financial officer, corporate officer, director of operations or director of development services OR • One signature from the chief administrative officer, chief financial officer, deputy financial officer, corporate officer, director of operations or director of development services plus one signature from a member of municipal council. BANKING TRANSACTIONS: The Town of Oliver is required to provide payment to suppliers for goods and services that are purchased to maintain Town infrastructure by cheque or electronic funds transfers. CHEQUES: 1. Staff will initiate cheque payments after the specific department approvals have taken place in accordance with the Town’s purchasing policy. 2. All manual and electronic cheque registers need to be signed off by any two of the Appointed Officials prior to cheques being printed. 3. All Town cheques must be signed by any two Town signing authorities. Cheques under fifty thousand dollars ($50,000) shall bear the electronic signatures of the Mayor and the Chief Financial Officer. 4. Cheques in excess of $50,000 must be signed off manually (no electronic signature) by any combination of two elected or appointed officials. ELECTRONIC PAYMENTS: 1. Staff will initiate electronic payments after the specific department approvals have taken place. 2. All electronic transaction registers must be approved by two of the appointed officers prior to transmission of payment file to the bank. 3. If a supplier requests a change in bank account information a second security authentication process will be required. The supplier will be required to correctly answer the security question in order for Town staff to ensure that the request is legitimate. Without confirmation from the supplier a change of EFT bank information will not be allowed. SIGNING AUTHORITY – BANKING TRANSACTIONS Page 3 of 3 PAYROLL TRANSMISSIONS: 1. Electronic payroll remittances to the Canada Revenue Agency and other electronic payroll payments or transfers shall be approved by any two of the appointed officers by ensuring the payroll register matches the electronic funds file transfer transmission.