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Approval of the Finance Policy 3.0 XIII, Removal of Accounts Receivable from General Ledger Balances.
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ADMINISTRATIVE COMMENTS:
Staff has proposed a new Finance policy for the removal of uncollectible receivables from the general ledger balances. In some cases, it is neither feasible nor cost-effective to pursue the collection of certain outstanding receivables, especially those that are aged or of small amounts. Under this policy, outstanding receivable balances deemed uncollectible will be reviewed annually to determine if they should be removed from the City’s financial records. Any action requires approval from the City Manager.
RECOMMENDATION:
That the City Council approve the policy as set forth in the caption above.