EDP Update - September 9, 2009

State Registered Warrant Update

As of Friday, September 4, 2009 the state controller has discontinued issuing State Registered Warrants (IOU’s). As a result, the IOU’s may now be redeemed and interest paid. The treasurer-tax collector and auditor-controller offices are working together to process all IOU’s which have been deposited to the county treasury and currently recorded to an account receivable. Tuesday, September 8, 2009 the auditor-controller’s staff submitted an EDP to credit the account receivable and thereby debiting cash respectively. The treasurer-tax collector’s staff will then credit the fund due interest from the respective IOU deposited to the county treasury as soon as it is available. Interest of $5.00 and less will not be paid on individual IOU’s subsequent to the press release by Wells Fargo Bank.

 

What you should do if you currently possess a Registered Warrant…

Treat the IOU as you would any other check. However, to ensure the interest is correctly applied to the respective EDP and individual fund number, the IOU’s must continue to be deposited at the county treasury exclusively.  

 

Recording the amount of the IOU to an account receivable is no longer necessary. IOU’s must be recorded either together on one EDP or separately on their own individual EDP. Please DO NOT include IOU’s with other “standard” checks.

A spreadsheet of each IOU (deposited at the county treasury) and the interest paid on them will be made available on the treasurer-tax collector’s website www.cctax.us . You may use this spreadsheet to confirm the interest accrued and applied to each IOU.

IOU’s received by the county treasury after 3:00 pm September 30, 2009 may be returned to the depositing department by the county treasurer’s office. The depositing department will then be responsible for redeeming the IOU’s with the state treasurer’s office.      


WFB Press Release