Audit Report 11-07, Wire Transfers and Cash Management, Released

This notice is archived content and this information may no longer be accurate.
The Internal Audit Department released their audit report of the Wire Transfers and Cash Management.

The City of Tampa (City) participates in an active cash management program in order to maximize investment returns with a minimum of risk or loss of liquidity. Pursuant to the City charter, currently, the City’s investment portfolio is comprised of United States Treasury Notes. Maturity of the investments must be timed to coincide with expected expenditures. Based on the types of securities purchased, there is no physical document produced and are therefore recorded as a “book entry” in the City’s safekeeping account maintained by the custodian, which is the Bank of America.

The City of Tampa currently utilizes the “Pooled Cash” account at Bank of America for all investment transactions by means of wires or internal bank transfers. Numerous other routine transfers between City accounts or other governments are also done by wire. The City classifies wires as either auto-transfer, repetitive or non-repetitive. Auto-transfer wires are for transfers from a City account to another City account within the same bank. Non-repetitive wires require a secondary independent authorization from the Chief Accountant. Repetitive wires are recorded in a standard template and include the same account information as other wires. For repetitive wires, the only change is the amount of the wire.

As of September 30, 2012, the City’s investment portfolio was comprised 100% of U S Treasury Notes and the market value totaled more than $495 million.