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CITY OF COLTON <br />AGENDA REPORT <br />rum wuim-m ivjr,r.imu yr aune in, ivvv <br />TO: HONORABLE MAYOR & CITY COUNC <br />APPROVAL: HENRY GARCIA CITY MANAGE <br />FROM: MICHAEL J. WILLIAMS, CITY TREASURER MJF' <br />SUBJECT: Resolution to approve establishment of new bank account for Self - <br />Insured Workers' Compensation Claims Administration <br />DATE: June 10, 1999 <br />BACKGROUND: <br />The City has changed administrators for Workers' Compensation claims. The <br />new administrator starts processing claims on July 1, 1999. A new checking <br />account needs to be established to pay claims. After City staff determines that a <br />payment should be made, staff contacts the administrator to prepare the check <br />and pay the claim. Although the administrator prepares the check, the bank <br />statement and cancelled checks are returned to the City for review and <br />reconciliation. Since we have a new business relationship, we need to establish <br />a new checking account and we will close the old one as soon as practical. <br />There is a legal requirement that all bank accounts be approved by the council. <br />FINANCIAL IMPACT: <br />There is no additional expense in establishing the account other than having new checks <br />printed. <br />RECOMMENDATION: <br />Approval of the Resolution authorizing the establishment of a new checking account for <br />Workers' Compensation claims. <br />Attachments <br />han# 18 <br />