Forwarded from Georgetown Economic Development Corporation (GEDCO):

Consideration and possible action to approve a Resolution amending the bylaws of the corporation, clarifying the roles of the General Manager and Finance Manager and authorizing those individuals to delegate duties and responsibilities -- Leigh Wallace, Finance Director, COG, Finance Manager, GEDCO.

The purpose of this item is to amend the bylaws of GEDCO so that the General Manager (City Manager) and Finance Manager (Finance Director) may apply financial procedures an internal controls consistent with other operations of the City. These controls continue to follow industry standards, state law and are reviewed by the City’s external auditor.

The current language of the bylaws restricts the General Manager from delegating duties. This means both the City Manager and Finance Director are manually receipting invoices for GEDCO expenses before payment is authorized, in addition to the Director of Economic Development. In future, the approvals will be consistent with the City’s policy and procedures on approving invoices. Economic Development Department staff, Director and City Manager will receipt for the invoices based on amount. These changes to the bylaws will allow for streamlined processing of payments now, as well as in the new financial software currently being implemented by the City.

City of Georgetown Invoice Approval Limits:

Amendments to the bylaws are subject to City Council approval.