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CABARRUS COUNTY <br />* <br />REGULAR MEETING <br />� JULY 18 20 <br />jr f�iffJfl�� <br />1 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Removal of Citibank Global Cash Management as an <br />Authorized Depository Account for Cabarrus County <br />BRIEF SUMMARY: <br />The Board authorized Citibank as a depository of Cabarrus County on <br />June 14, 2004. This bank is located outside of North Carolina. The Local <br />Government Commission (LCG) does not permit local governments to use <br />banks outside of N.C. unless specific approval is received. After several <br />discussions with the LGC, the County was asked to remove Citibank as <br />an approved depository account. However, the County will still use <br />Citibank as a prepaid account for hospital insurance claims to meet <br />CIGNA's requirements. This issue came to light when the North Carolina <br />Association of County Commissioners discontinued their health care <br />portion of the insurance programs. <br />REQUESTED ACTION: <br />Motion to remove Citibank Global Cash Management as an authorized <br />depository account. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Pamela Dubois, Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />No <br />F -4 Page 84 <br />