Agenda - 12-05-2011 - 5i - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 5, 2011 Action Agenda , Item No. 5- ~ SUBJECT: Examination of Bonds DEPARTMENT: Asset Management Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Bonds for: Pam Jones, Director, (919) 245-2652 Sheriff Register of Deeds Tax Collector Blanket Coverage for All Employees Financial Services Director PURPOSE: To examine bonds for officials pursuant to North Carolina General Statute 58-72- 20. BACKGROUND: Certain positions or officials in County government are required by law to be covered by a fidelity bond. The bond will ensure the County is protected in the event the official or employee mishandles County money. The Statutes also require that each Board of Commissioners examine these bonds each year to determine whether they have been impaired in any way over the past year and to determine their sufficiency. The circumstances under which the bonds would be called upon to perform do not indicate that an increase is needed above the amounts currently carried. These amounts are as follows: • Sheriff $ 25,000 (on file with the Clerk of Court) • Register of Deeds $ 25,000 (on file with the Clerk of Court) • Finance Director $250,000 • Tax Administrator $250,000 • All County Employees (for faithful performance) $250,000** **This coverage is part of the comprehensive policy through the County Commissioners Insurance pool. $250,000 is the standard limit. The Board will note the limit for Tax Collector has been increased in 2011. The new limit more accurately reflects the actual cash exposure for the office. There have been no incidents or claims during the past year that would impair the security of these bonds. FINANCIAL IMPACT: No direct financial impact associated with the examination of bonds. RECOMMENDATION(S): The Manager recommends that the Board maintain bonding levels as stated.