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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 20, 2018 <br />Action Agenda <br />Item No. 8 -i <br />SUBJECT: Library Dailv Deposit Waiver <br />1 <br />DEPARTMENT: Library and Finance & Admin. <br />Services <br />ATTACHMENT(S): INFORMATION CONTACT: <br />NC General Statute 159 -32 Lucinda Munger, Library Director, (919) <br />245 -2528 <br />Gary Donaldson, Chief Financial <br />Officer, (919) 245 -2453 <br />PURPOSE: To approve an exemption for Library daily deposits of cash up to $500, as required <br />by North Carolina General Statute 159 -32. <br />BACKGROUND: North Carolina General Statute (NCGS) 159 -32 requires that all funds (cash, <br />checks and money orders) collected or received by an officer or employee of the local <br />government or public authority be deposited daily with the County's financial institutions. NCGS <br />159 -32 authorizes a waiver to the daily deposit requirement at $500 contingent on the Board <br />approving this daily deposit requirement. <br />The rationale for this waiver is based on the low cash transaction amounts for the Library. The <br />Library accepts fine and fee payments in person and via online payments. Online credit card <br />transactions and checks are deposited daily through electronic fund transfers. <br />The Department of Finance and Administrative Services pursuant to NCGS 159 -32 supports the <br />Library exemption from the Finance Policies and Procedures Manual due to the lower cash <br />amounts for the Library. For purposes of investment of idle funds; one weekly deposit will be <br />required irrespective of the $500 threshold. <br />FINANCIAL IMPACT: The opportunity cost from delayed deposit into an interest bearing <br />account is not material. <br />SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to <br />this item: <br />• GOAL: ENSURE ECONOMIC SELF - SUFFICIENCY <br />The creation and preservation of infrastructure, policies, programs and funding necessary <br />for residents to provide shelter, food, clothing and medical care for themselves and their <br />dependents. <br />RECOMMENDATION(S): The Manager recommends that the Board approve this exemption for <br />the Orange County Library for daily deposits up to $500. <br />