File #: 15-2364    Version: 1 Name: Resolution authorizing corrections to books and records
Type: Resolution Status: Filed
File created: 12/14/2015 In control: Finance
On agenda: 1/20/2016 Final action: 1/20/2016
Title: Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: To make necessary corrections to books and records of the Tax Collector and the General Ledger Purpose: Refund cash payments as a result of overpayments by owners, Attorney, Bank Lending Institutions and Mortgage Service Agencies Amount to be Reimbursed: $1,856,137.16 Source of Appropriation: N/A Project Information: (Description/ Project No./ Amount Appropriated/Ordinance No.) Resolution to make necessary corrections to books and records of the Tax Collector and the General Ledger and refund cash payments as a result of overpayments by owners, Attorney, Bank Lending Institutions and Mortgage Service Agencies Additional Information: 2014 AFS; Exhibit A (see attached)
Sponsors: Council of the Whole

Title

Dept/ Agency: Finance

Action:  (   ) Ratifying     (X) Authorizing     (   ) Amending

Type of Service: To make necessary corrections to books and records of the Tax Collector and the General Ledger

Purpose: Refund cash payments as a result of overpayments by owners, Attorney, Bank Lending Institutions and Mortgage Service Agencies  

Amount to be Reimbursed: $1,856,137.16

Source of Appropriation:  N/A   

Project Information:

(Description/ Project No./ Amount Appropriated/Ordinance No.)

 Resolution to make necessary corrections to books and records of the Tax Collector and the General Ledger and refund cash payments as a result of overpayments by owners, Attorney, Bank Lending Institutions and Mortgage Service Agencies

Additional Information:

 2014 AFS; Exhibit A (see attached)

body

 

WHEREAS, the books and records of the Office of the Tax Collector are continuously reviewed for accuracy pursuant to the laws that govern the collections of Municipal Revenue; and

 

                     WHEREAS, payments are made by various Owners, Attorney, Banking, Lending Institutions and Mortgage Servicing Agencies in error; and

 

                     WHEREAS, upon receipt of such payments a credit or unapplied entry is created which must be refunded or cancelled; and

 

                     WHEREAS, pursuant to Exhibit A, payments totaling $1,856,137.16 were received by the Tax Collector; and

 

                     WHEREAS, the Tax Collector must refund, adjust and/or cancel said payment due to cash overpayment; and

 

                     WHEREAS, the Director of Finance concurs with the Tax Collector to expeditiously correct the books and records.

 

NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:

 

1)                     The Director of Finance and the Tax Collector are hereby authorized to make the necessary corrections with regard to payments received in error.

 

2)                     The Director of Finance and the Tax Collector are hereby authorized to refund the appropriate parties the cash overpayment, pursuant to Exhibit A, totaling $1,856,137.16 amongst various Owners, Attorneys, Banking, Lending Institutions and Mortgage Servicing Agencies.

 

3)                     The Director of Finance and the Tax Collector are hereby authorized to make the appropriate journal entries to execute any cash overpayments/refunds.

 

4)                     The Director of Finance and the Tax Collector are hereby authorized to do all things necessary to accomplish this task.

 

5)                     This resolution shall take effect immediately and remain in effect until amended.

 

 

STATEMENT

 

This resolution authorizes the Director of Finance and the Tax Collector to make the necessary corrections to the books and records of the Tax Collector and General Ledger, and refund cash payments as a result of overpayments by Owners, Attorneys, Banks, Lending Institutions and Mortgage Servicing Agencies, pursuant to Exhibit A.