HomeMy WebLinkAboutAgenda - 09-20-2018 8-i - Library Daily Deposit WaiverORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: September 20, 2018
Action Agenda
Item No. 8 -i
SUBJECT: Library Dailv Deposit Waiver
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DEPARTMENT: Library and Finance & Admin.
Services
ATTACHMENT(S): INFORMATION CONTACT:
NC General Statute 159 -32 Lucinda Munger, Library Director, (919)
245 -2528
Gary Donaldson, Chief Financial
Officer, (919) 245 -2453
PURPOSE: To approve an exemption for Library daily deposits of cash up to $500, as required
by North Carolina General Statute 159 -32.
BACKGROUND: North Carolina General Statute (NCGS) 159 -32 requires that all funds (cash,
checks and money orders) collected or received by an officer or employee of the local
government or public authority be deposited daily with the County's financial institutions. NCGS
159 -32 authorizes a waiver to the daily deposit requirement at $500 contingent on the Board
approving this daily deposit requirement.
The rationale for this waiver is based on the low cash transaction amounts for the Library. The
Library accepts fine and fee payments in person and via online payments. Online credit card
transactions and checks are deposited daily through electronic fund transfers.
The Department of Finance and Administrative Services pursuant to NCGS 159 -32 supports the
Library exemption from the Finance Policies and Procedures Manual due to the lower cash
amounts for the Library. For purposes of investment of idle funds; one weekly deposit will be
required irrespective of the $500 threshold.
FINANCIAL IMPACT: The opportunity cost from delayed deposit into an interest bearing
account is not material.
SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to
this item:
• GOAL: ENSURE ECONOMIC SELF - SUFFICIENCY
The creation and preservation of infrastructure, policies, programs and funding necessary
for residents to provide shelter, food, clothing and medical care for themselves and their
dependents.
RECOMMENDATION(S): The Manager recommends that the Board approve this exemption for
the Orange County Library for daily deposits up to $500.
8/27/2018 https: / /www.ncleg. net /EnactedLegislation/ Statutes / HTML / BySection /Chapter_159 /GS_159- 32.html
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§ 159 -32. Daily deposits.
Except as otherwise provided by law, all taxes and other moneys collected or received by an officer or
employee of a local government or public authority shall be deposited in accordance with this section. Each
officer and employee of a local government or public authority whose duty it is to collect or receive any taxes or
other moneys shall, on a daily basis, deposit or submit to a properly licensed and recognized cash collection
service all collections and receipts. However, if the governing board gives its approval, deposits or submissions
to a properly licensed and recognized cash collection service shall be required only when the moneys on hand
amount to five hundred dollars ($500.00) or greater. Until deposited or officially submitted to a properly licensed
and recognized cash collection service, all moneys must be maintained in a secure location. All deposits shall be
made with the finance officer or in an official depository. Deposits in an official depository shall be immediately
reported to the finance officer by means of a duplicate deposit ticket. The finance officer may at any time audit
the accounts of any officer or employee collecting or receiving taxes or other moneys, and may prescribe the
form and detail of these accounts. The accounts of such an officer or employee shall be audited at least annually.
(1927, c. 146, s. 19; 1929, c. 37; 1939, c. 134; 1955, cc. 698, 724; 1971, c. 780, s. 1; 1973, c. 474, s. 27; 2017-
204, s. 6.1(a).)
https:// www .ncleg.net/EnactedLegislation/ Statutes /HTML/ BySection /Chapter_159 /GS_159- 32.html 1/1