Section 4.6. provides guidelines and internal control requirements on accounts receivable adjustments (including the waiving of interest, late penalties, overdue charges, cancellation and administrative fees). Additionally, adjustments to customer account balances will only be achieved through authorized approving authority and dollar limit thresholds (Section 4.6.5).

Section 4.7. outlines the City’s policy on refunds and approval requirements. Generally, a refund can only be made when the amount is equal or greater than $5.00 (Section 4.7.1).

Risk Analysis:

All City of Windsor Finance policies are subject to periodic review and revision. Failure to periodically update Finance policies would increase likelihood of the Corporation having ineffective or obsolete business practices in place. This would expose the Corporation to increased risk of loss due to fraud or theft. Periodic review and revision of Finance policies effectively mitigates this risk.

Financial Matters:

The implementation of the above revised policies will continue to enhance financial controls thereby improving the financial well-being of the Corporation. No additional budget dollars are being requested at this time.

Consultations:

Vince Grillo – Manager of Treasury and Cash Management

Florence Lee St. Amour – Manager of Accounting Services

Conclusion:

Conclusion:

It is recommended that the amended Corporate Accounts Receivable Policy and Accounts Receivable (AR) Collections Policy (attached as Appendix A and B) be approved, and that the related procedures and forms be updated accordingly.

Approvals:

Name	Title
Stephen Cipkar	Manager of Financial Accounting
Dan Seguin	Deputy Treasurer – Financial Accounting
Tony Ardovini	Deputy Treasurer – Financial Planning
Janice Guthrie	Deputy Treasurer – Taxation & Financial Projects