2002-02-13 CC Packet - Laserfiche WebLink

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r- ---.., , .\ . , TO: Honorable Mayor and Council Members FROM: Teresa Bender~,llr' SUBJECT: January 2002 Financial Statements DATE: February 8, 2002 Attached, you will find Cash Receipts (January 25 - February 8, 2002), Check Swnmary Register (all checks written since the previous meeting) and Check Register (payroll since the previous meeting). Staff has made arrangements with the 4M Fund and commenced the process of securing on-line banking services with Main Street Bank. (please find the attached letter from Mr. Craig Bode). Mr. Bode's letter also addresses approximately when the City should receive their monthly statement. While Mr. Bode was at City Hall today, the City received their bank statement. Mr. Bode has offered his assistance in obtaining the necessary documents if there is a delay in processing with the bank or mail service. Subsequent to a telephone conversation with Mr. Steve McDonald today, I informed him of the above. Mr. McDonald stated that the second Friday of the month probably would not work is some incidences and a better timeframe would be by the 15th of the month or seven (7) days following the receipt of all statements. This would be an off Council packet week and would allow Staff the needed time to complete same. The City receives statements from the 4M Fund, Smith Barney, Firstar and Main Street Bank. Smith Barney currently does not offer on-line banking and I have contacted them in the past regarding timely statements. Ms. Moore-Sykes will forward them a letter requesting timely receipt of their statements in the future. In addition to the receipt of bank statements, February 15, 2002 is an internal cut-off for expenditures that have been enteted into the computer system and recognized as expenditures for the year 2002; however, same should be expended in 2001 and journal entries need to be made to recognize accounts payable for 2001. To date, this has not been completed and January financial reports at this time would not accurately reflect same. These journal entries are routine with the year end process.