Supporting Documentation; i.e. contracts and/or basis reports & corresponding council resolutions and option to add to Property Tax Roll of the property owner where applicable.

5.6. INTEREST ON ACCOUNTS RECEIVABLE

5.6.1.

Departments must issue, interest bearing AR invoice to incent timely payment and maximize interest revenue unless billings fall under section 5.6.1.1. Where interest bearing AR invoice are supported by a binding contract or agreement or written acknowledgement, a copy should be maintained in departmental file in order to facilitate collection thereof, otherwise terms should be non-interest bearing.

Wherever possible departments should seek to have a formal agreement, contract or written acknowledgement to support the collection of the interest charges.

5.6.1.1. Payment terms exceeding 30 days and/or specially contracted interest rates may be established with the assistance and direction of the Manager of Accounting Services (see section 5.5.2).

5.6.2. Interest rate added to accounts over 30 days will be in accordance with the City’s User Fee Schedule.

5.7. LATE PAYMENT

5.7.1. City Departments are encouraged to develop and execute contractual agreements allowing for the addition of late payment charges as approved by City Council within the annual user fee schedule.

6. RECORDS

6.1. All accounts receivable records, reports, manual and electronic files must be retained and filed in accordance with the City’s “Schedule of Retention Periods for Records By-Law”.

7. REFERENCES AND RELATED DOCUMENTS