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This procedure defines the process for the appointment of bankers, use and management of banking services and bank account reconciliation for the Town of Oakville (town).
This procedure applies to all banking transactions which take place by town departments and staff and local boards of the town for which the town provides banking services.
The appointment of bankers shall be determined by a request for proposal (RFP) and confirmed by Council resolution. A banking by-law shall be in effect to identify bankers and designated signing officers for the signing of cheques, electronic transfers, bank account set up, and investments.
An informal annual review and a formal five year cost/benefit review on all banking services will be completed in order to measure the cost effectiveness of the services. Financial Operations shall issue an RFP if:
The Banking by-law shall be amended to reflect any changes resulting from an RFP.
Municipal Act, Section 287 states that a municipality may provide that the signatures on a cheque of the municipality be mechanically or electronically reproduced.
The town must have a current by-law which reflects all positions that may sign on behalf of the Treasurer and head of council. The town’s by-law reflects the positions that can sign for either party, no one position is designated signing authority for both the Treasurer and head of council. The resolution and by-law must be signed and sealed with the Corporate seal and filed with the town bankers.
The following transactions must be signed by two signing officers:
The following transactions must be signed by one signing officer:
The Manager, Accounting Operations shall ensure the needs of departments are met as it relates to the establishment of bank accounts.
The Deputy Treasurer shall use every secure means possible to ensure receipts are deposited promptly to maximize interest income and reduce the risk of unsecured funds.
All town staff responsible for collecting revenue shall ensure they understand and follow all procedures relating to cash handling and ensure all deposits are submitted daily to the Revenue and Tax division. Any alternative method of making deposits must be approved by the Manager, Accounting Operations.
All bank accounts will be reconciled centrally by the Corporate Banking Analyst on a monthly basis. Reconciliation shall be done in accordance with the following process:
There are various payment options available for departments to utilize to ensure the town goods and services are paid for and properly receipted:
Consideration of payment types must be done in consultation with the Manager, Accounting Services. The following factors will be considered:
Banking system: systems provided by the banker which record banking transaction detail, provide statements, and allow access to information. It also includes any anti-fraud programs which match the information of a Town of Oakville cheque to the information on cheques cashed against the town’s bank account(s).
CIS: Oakville’s Corporate Information System which holds all financial transactions
The following are responsible for:
Ensuring compliance with these procedures and that revenue is collected and deposited in a timely manner. Consulting with the Manager, Accounting Operations on new revenue sources and appropriate payment options.
Providing depositing, reconciling, and internal control services as it relates to all banking functions and approving payment options for revenue sources.
Ensuring services are provided and advising the town when procedures, terms of contract, controls or improper signing authority are compromised, or when there is any indication of fraudulent activity.
Procedure Number: F-FOC-001-001
Parent Policy: F-FOC-001
Sub-Section: Financial Operations
Author: Financial Operations, Accounting
Effective Date: 2011 Nov 21
Review by Date: 2021
Last Modified: 2016 Dec 12
Municipal Act, Section 286(1) (b) and 287
Banking services contract
Payment Card Industry Standards Data Security Standard (PCI DSS)
GAAP and PSAB requirements
Cash Handling Procedure F-FOC-001-006