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29 <br />III. Scope <br /> <br />This policy applies to all city departments and employees who have control over city <br />disbursement transactions and governs the actions of all city employees. <br /> <br />IV. Transfers Allowed for Certain Purposes <br /> <br />The City of Little Canada may make an electronic funds transfer for the following: <br /> <br />1. For a claim for a payment for payroll activity <br /> <br />2. For a payment of investment of excess money <br /> <br />3. For a payment of tax and licenses <br /> <br />4. For a payment of contributions to pension or retirement funds <br /> <br />5. For vendor payments <br /> <br />6. For payment of bond principal, bond interest, and a fiscal agent service charge from the debt <br />redemption fund. <br /> <br />V. Accounts Payable <br /> <br />Vendors Direct Deposit Authorization Form <br /> <br />• Any vendor the city pays via electronic funds transfer must have a completed Direct <br />Deposit Authorization Form. <br /> <br />• A follow-up phone call must be made to verify the vendor's identity. The call will be <br />made to a trusted number not identified in the same communication as the request to <br />set up electronic payments. <br /> <br />• The City Accountant and City Finance Director must review this form. <br /> <br />• Any changes requested by a vendor must follow the same process, including a follow- <br />up phone call to verify the vendor's identity and to ensure that the vendor initiated the <br />change. <br /> <br />Vendor Payment Approvals <br /> <br />• Payments must follow proper approvals outlined in the city’s purchasing policy. <br /> <br />• The Accounting Clerk will prepare the vendor payments, the Finance Director will <br />review the payments and approve them for payment.