CC Resolution 9867
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RESOLlITION NO. 9867
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING CHANGES IN THE PAYMENT FREQUENCY OF BILLS & CLAIMS,
AND ADMINISTRATIVE POLICY 2.12
WHEREAS, the City of Campbell has determined that it can improve the interest
earnings of its investment portfolio through better matching of claims and demands with
their respective due dates; and
WHEREAS, a weekly processing schedule will facilitate the work flow for all City
departments and provide them with improved flexibility in managing the payment of their
vendors; and
WHEREAS, a weekly processing schedule will reduce the number of manual
checks issued;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Campbell hereby authorizes the payment of its bills & claims on a weekly basis and
approves the attached modification to Council Policy 2.12 to reflect this change.
PASSED AND ADOPTED this Fifth day of June, 2001 by the following roll call
vote:
AYES: Councilmembers: Furtado, Kennedy, Burr, Watson, Dean
NOES: Councilmembers: NOne
ABSENT: Councilmembers: None
APPROVED:
ATTEST:
tl~~li^->
Anne Bybee, City Clerk
Attachment 2
Proposed changes to Council Policy 2.12
2.12 Payment of Bills and Claims for Benefit of Discounts: In order to maximize the
City's investment earnings, staff may approve and release payments for bills & claims on
a weekly basis. In doing so, discounts for early payment should be taken advantage of
where cost beneficial and may be made on a more frequent basis, if necessary, through
the issuance of an interim (manual) check. of enjoy the benefit of discounts offered by
vendors, the payment of staff approved bills and claims may be approved and paid to the
vendor prior to the appro'.'al at a regular City Council meeting. Staff will submit a listing
of all such payments made at the next regular Council meeting.