Item Text

47. ELECTRONIC FUNDS TRANSFER AUTHORIZATION Pursuant to the Electronic Fund Transfer Policy A2512, the Department of Finance is requesting authorization to have the Treasurer’s Office process Electronic Funds Transfers (wire transfers) for the annual Debt Service payments due to the Trustee in the amount of $16,273,580 in Fiscal Year 2012. The payments have been budgeted. The debt service payments are due on or before December 26th and June 26th of each fiscal year. Department of Finance requests for authorization to the Treasurer’s Office will come from the Chief Financial Officer, Shelby L. Scharbach, and the Deputy Finance Director, John Lewis. Debt Service payments require guaranteed funds. The Department of Finance will prepare a corresponding journal voucher to record the EFT transaction on the County’s Financial (Accounting) System in the same accounting period as the EFT. Request the Board of Supervisors to approve and authorize the Department of Finance to initiate wire transfers for debt service payments applicable to FY 2011-12. (C-18-12-020-2-00)