POLICY TITLE: Disbursements Signing (POLICY #: 1600-022 PROPOSED)

POLICY MANUAL

PURPOSE:

To ensure that funds are disbursed in a secure and efficient manner.

DEFINITIONS:

1. In this policy, unless the context otherwise requires:
   • “account” means an account of funds held by a financial institution on behalf of View Royal and includes a credit account.
   • “electronic transfer” means the disbursement of funds from an account using the internet or other electronic means.
   • “facsimile endorsement” means the application of an electronic signature or the affixing of a signature using a rubber stamp or other similar device.
   • “handwritten endorsement” means the application of a handwritten signature.
   • “Mayor” means the Mayor of the Town of View Royal and includes, in that person’s absence, any Council member designated as Acting Mayor.
   • “pre-authorization agreement” means an agreement which authorizes another party to initiate an electronic transfer.

POLICY:

Disbursement of Funds

2. The disbursement of funds from an account shall be done by cheque or electronic transfer in accordance with the authorities and procedures established by this policy.

Signing Officers Designated

3. Cheques and pre-authorization agreements shall be endorsed as follows: a. by handwritten or facsimile endorsement of any two of the Chief Administrative Officer, the Director of Finance or the Manager of Accounting if not more than $5,000 (Five Thousand Dollars); b. by handwritten or facsimile endorsement of the Chief Administrative Officer and handwritten endorsement of the Director of Finance or the Manager of Accounting if more than $5,000 (Five Thousand Dollars) but not more than $75,000 (Seventy-five Thousand Dollars); c. by handwritten endorsement of any two of the Chief Administrative Officer, the Director of Finance or the Manager of Accounting if more than $75,000 (Seventy-five Thousand Dollars).

Secondary Endorsements

4. In the event that either the Chief Administrative Officer, Director of Finance or the Manager of Accounting is not available to endorse a cheque as set out in section 3 the Mayor or the Director of Corporate Administration, but not both, are authorized to apply a handwritten endorsement to the cheque.

Electronic Transfers

5. The authority and procedure for endorsing electronic transfers by the signing officers shall be the same as that used for the endorsement of cheques except that the use of a secure electronic access and identity verification system is authorized.

ATTACHMENTS: N/A

DISTRIBUTION: Electronic file Y:\Administration\0340 Circulars, Directives, Orders, Manuals, Policies\50 Policies and procedures\Policies - Final\1600 - Finance

RECORD OF AMENDMENTS