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FIN-2.09 - Cash Management

CASH MANAGEMENT

Binding City Policy

BCP-FIN-2.09


 

Policy

 

The City shall manage its cash assets to preserve principal, provide ample liquidity to meet the City’s daily cash requirements, and generate a fair return. OMF’s Bureau of Revenue and Financial Services Public Finance and Treasury Division shall ensure the accurate and timely accounting, investment, and security of all cash assets.

 

Cash Balances

The City shall maintain adequate cash balances in each fund to maintain a non-negative cash position at the end of the fiscal year. Each bureau shall be responsible for monitoring all funds within the purview of its budget to ensure that cash positions remain non-negative at year-end. See FIN 2.09.01.

 

Banking and Cash Deposits

City bureaus shall deposit all cash received to qualified depositories for public funds and collateralized, as prescribed by Oregon Revised Statutes.

 

Only the City Treasurer is authorized to establish bank accounts for the City.

 

Responsibility

 

The Public Finance and Treasury Division and the Accounting Division of the Bureau of Revenue and Financial Services shall assist bureaus in complying with this policy.

 


HISTORY

 

Ordinance No. 181829, passed by City Council May 14, 2008 and effective July 1, 2008.

Amended by Resolution No. 37086, adopted by City Council August 6, 2014.