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Minutes for the Depository Board meeting on July 2, 2008.
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Board members City Clerk Donna Jackson, Mayor Formon and City Collector Becky Sharp were in attendance. Also in attendance were Operations Director Misty Micenhamer and Finance Director Jim Barksdale.
Police Chief Michael Yates explained the state forfeiture fund needs to be separate from the federal forfeiture fund. He noted the only time the collateralization will become a problem is when there is an unusually large amount of assets that are seized. He stated then it’ll become important what bank the money is in. He added how the account is managed falls under state and federal law. Ms. Sharp explained the City has a state asset forfeiture and a federal forfeiture fund. She further explained the state fund is with the consolidated fund that is in the general fund. She added Chief Yates indicated by law the fund has to be separate. She stated they will open a state forfeiture account. Mr. Barksdale also stated the state forfeiture account will be separate from the federal forfeiture account.
Ms. Sharp noted the MATA account has not been closed due to the City receiving two bills from City Water and Light that pertain to MATA. She stated they will need to pay the bills before moving the money to Streets. Ms. Micenhamer added the bills will be taken to the Public Works Committee at the August meeting.
Ms. Sharp questioned whether Mr. Barksdale should be added as a third signor when new accounts are set up. She added Mr. Barksdale would not be a primary signor. Chairwoman Jackson stated that should be handled by the Mayor’s Office. Mr. Barksdale stated he did not want to be a signor because of his duties as Finance Director. He explained from an auditing standpoint you generally don’t want someone with the authorization to make general ledger entries to also be able to sign on the account. He suggested making someone else, like Ms. Micenhamer, a third signor. Mayor Formon questioned the need ...
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