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4C, Motion to Authorize Agreement With US Bank
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4C, Motion to Authorize Agreement With US Bank
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10/24/2024 9:44:34 AM
Creation date
10/13/2008 11:16:20 AM
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Agreement With US Bank
General - Type
Agreement With US Bank
Date
10/13/2008
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. _ <br />_ _ _ _ <br />_ _. <br />_ _ ...._.... _ _ _ <br />.. __ __ <br />__ _. _. <br />__ <br />_ _. ,. _ <br />_ _. <br />_ _ _. _ <br />_ _ _ <br />_ _ <br />. _ _ _. <br />_ _ _ <br />_ _ <br />N HILL <br />E � <br />� � MEMORANDUM <br />DATE: October 9, 2008 � <br />TO: Honorable Mayor and City Council <br />Ronald Moorse, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer �s`j �,- <br />� <br />�� <br />SUBJECT: Purchasing Card System � <br />Background: <br />The City currently has a number of credit/charge accounts such as Office depot, Taxget, Home <br />Depot, etc. Many times these are single accounts with one card and cardholder. This posses <br />problems, as the cardholder must be present to use the card. It is also hard to manage who has <br />authorization to use certain cards. � <br />Discussion: <br />In looking at research as staff developed the credit/charge card operating policy, staff found that <br />many cities use procurement cards. Procurement cards produce many benefits to the City, as <br />there is only one line of credit, all employees have their own card, and the City receives only one <br />statement with all charges. This could potentially reduce the amount of work that is involved in <br />the accounts payable processing and also offers fraud protection to the City of up to $100,000 <br />per card per transaction. <br />US Bank has a procurement card program that is also sponsored by the League of Minnesota <br />Cities. The State of Minnesota uses this program, as do several other cities such as Shoreview. <br />This program is no cost to the City as US Bank is also our designated depository. <br />US Bank underwrites this program and the City n�ay restrict employees to certain types of <br />purchases, t�ansaction limits, and card limits. This would allow for better control of the <br />credit/charge cards the City issues employees and greater security. <br />Staff has included a summary of the program for your review and some bullet points on the <br />program. We have also developed a Purchasing Card Manuel for your review and application <br />forms for employees. Training will be done for all employees before they will be issued a <br />purchasing card. <br />
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