Report to: General Committee Date
Report Authored:
SUBJECT: Amendment to Bank Signing Authority
PREPARED BY:
Ext 4735
RECOMMENDATION:
1) That the report dated entitled “Amendment to Bank Signing Authority” be received;
2)
And that cheques issued by the
Corporation for the Town of
3)
And that the Mayor, and one of
the Treasurer or the Commissioner of Corporate Services be authorized to sign
contracts for new banking services with the Town of
4) And that the Mayor, and one of the Treasurer or the Commissioner of Corporate Services be authorized to approve the set up of new vendor templates for repetitive on-line wire transfers;
5) And that the Treasurer or the Commissioner of Corporate Service be authorized to approve on-line wire transfers, once payment has been approved in accordance with the Expenditure Control Policy;
6) And that the Treasurer or the Commissioner of Corporate Services be authorized to approve investing of Town funds in accordance with the Town’s Investment Policy;
7) And that Staff be authorized and directed to do all things necessary to give effect to this resolution
PURPOSE:
To obtain approval to amend existing banking resolutions to ensure that the daily banking operations of the Town continue to run smoothly and to provide back-up authority if required.
BACKGROUND:
The last report to Council amending Bank Signing
Authority was
That
cheques issued by the Corporation of the Town of
And That
for the purposes of signing cheques, a facsimilie signature of the Treasurer
and Mayor will be utilized;
And That
the Commissioner, Corporate Services or the Treasurer be authorized to act on
behalf of the Corporation of the Town of Markham with respect to the opening,
maintaining and closing of bank accounts(s) in the name of the municipality at
such place(s) of deposit as may be approved by Council;
And That
the Commissioner, Corporate Services or the Treasurer be authorized to approve
wire transfer and/or investing of Town funds.
OPTIONS/ DISCUSSION:
Since 2001, the Town has transitioned from facsimile
signatures on mechanical plates to issuing all cheques with electronic
signatures, which are authorized by the Municipal Act.
Staff recommend that, in the event of an emergency
situation in which the Town’s information systems (and electronic signatures)
are not functional, the Commissioner of Corporate Services be approved as an
alternate signatory for cheque payments.
The Town now utilize wire transfers for repetitive
payments to the Region of York, the York Region School Boards and several
financial institutions that the Town invests money with. The Toronto Dominion Bank (Town’s current
financial institution) sets up an on-line template for each vendor, once the
required forms signed by the Treasurer and the Mayor have been received by the
bank. Staff recommends that the Commissioner of Corporate Services be approved
as an alternate signature to set up new vendor templates if required.
The minor changes regarding alternate signatures/authorities are to ensure that the Town’s daily banking operations run smoothly and efficiently at all times.
FINANCIAL CONSIDERATIONS AND
TEMPLATE:
N/A
ALIGNMENT WITH STRATEGIC PRIORITIES:
N/A
BUSINESS UNITS CONSULTED AND AFFECTED:
N/A
RECOMMENDED
BY:
______________________ ________________________
Treasurer Commissioner, Corporate Services
ATTACHMENTS:
N/A