View - The Municipality of Lambton Shores
View - The Municipality of Lambton Shores
View - The Municipality of Lambton Shores
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
With the rounding up and down <strong>of</strong> cash transactions, it is expected that there will only<br />
be minimal variances<br />
For any cash payments, the rounding occurs at the end <strong>of</strong> the transaction; after all<br />
applicable taxes are calculated. For example - if the transaction amount to be paid<br />
comes to $4.92 – the customer would be required to pay $4.90., or if the transaction<br />
amounted to $4.98, the customer would be required to pay $5.00. <strong>The</strong> difference <strong>of</strong><br />
$0.02 would be allocated to a General Ledger account that will be setup to allow for<br />
these cash variances.<br />
<strong>The</strong> <strong>Municipality</strong> will still accept pennies from a customer as part <strong>of</strong> a customer’s cash<br />
payment after April 1 st , 2013, if they have the exact change. If they do not have the<br />
exact change, then the rounding guidelines for the phasing out <strong>of</strong> the penny would be<br />
applied. Further, if pennies are received after April 1 st , 2013 they will be deposited at<br />
the bank and not distributed in our daily course <strong>of</strong> business.<br />
This report is to inform Council <strong>of</strong> the Finance Department’s procedures on dealing with<br />
the “Phasing out <strong>of</strong> the Penny”.<br />
Respectfully submitted,<br />
Janet Ferguson,<br />
Treasurer<br />
Report prepared by Wendy Jennison, Tax Collector<br />
119
Change language