HomeMy WebLinkAboutFCS-10-002 - Delegation of Banking Signing AuthorityREPORT TO:Finance and Corporate Services Committee
DATE OF MEETING:
December 13, 2010
SUBMITTED BY: Dan Chapman, Deputy CAO
PREPARED BY:
Ryan Hagey, Manager of Financial Planning
WARD(S) INVOLVED: All
DATE OF REPORT: December 3, 2010
REPORT NO.:
FCS-10-002
SUBJECT:
DELEGATION OF AUTHORITY TO SIGN BANKING
AGREEMENTS
RECOMMENDATION:
That authority be delegated to the City’s Treasurer and/or Deputy Treasurer to execute all
banking agreements satisfactory to the City Solicitor.
BACKGROUND:
The City is often required to enter various agreements with financial institutions in order to
open/close bank accounts, open/close investment accounts, and authorize employees to
transact on behalf of the City. The banking by-law currently in effect only allows the City
Treasurer to sign banking agreements with regard to borrowing. Staff is recommending that the
City Treasurer and/or Deputy Treasurer be allowed to sign all types of banking agreements.
REPORT:
Due to staff movement within the organization, the responsibility for investing is now being
completed by different staff members. This requires the new staff members be granted
authority to invest with each broker on behalf of the corporation. In addition to the Mayor and
Clerk who have been delegated authority to sign banking agreements, it would also be
beneficial to delegate such authority to the Treasurer and/or Deputy Treasurer given the routine
administrative nature of this function.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
Foundation: Efficient and Effective Government
Goal: Financial Management
Strategic Direction: Ensure the effective and responsible stewardship of public funds within a
supportive policy framework
î ó ï
FINANCIAL IMPLICATIONS:
None.
COMMUNITY ENGAGEMENT:
This report authorizes an adjustment to an internal process and therefore does not require
community engagement.
ACKNOWLEDGED BY: D. Chapman, Deputy CAO and City Treasurer (Finance and Corporate
Services)
î ó î