5.0. EDSR 01-09-1995 - Laserfiche WebLink

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( X ` ity of / MEMORANDUM p R• iver TO: Economic Development Authority FROM: Lori Johnson,Finance Director DATE: January 9, 1995 SUBJECT: Payment of EDA Expenses In 1994,the EDA took on many more of the financial obligations of the Economic Development Department. In this transition, it also meant that many more expenses were payable from the EDA. Previous to 1994, there was very little check activity generated by the EDA, and,therefore, all of the recordkeeping was done on a manual basis. Due to the significant increase in activity, I am proposing a change in the method in which both the checks are paid and approved, and the way the financial records are maintained. This change would mean that more current and detailed information would be available on a constant basis for the EDA. The main change that needs to take place is the timing and method of payment of invoices. I would propose that the EDA's invoices be paid at the same time that all of the 0 City's other checks are approved. The EDA would need to purchase computerized check forms and either have the checks signed manually or purchase a signature stamp so that staff could process the checks. Recommendation Bill Rubin and I have discussed this issue and feel that a change would be beneficial to the EDA mainly because of the current and detailed financial information that would become available. With the increased activity and the increase in revenues available to the EDA, it is important that the Executive Director and Commissioners have access to up-to-date and accurate financial information at all times. The Commissioners are asked to review this request and, if the Commissioners are in agreement,to request that staff proceed with purchasing computerized check forms for the EDA. In addition,the EDA will need to determine who will be the check signor(s). eda/meetings:pmtexpen • 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425