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Home My Public Portal About21-022021. RESOLUTION NO. 21-02 A RESOLUTIO N OF T HE TOWN COMMISSIO N OF THE TOW N OF G ULF ST REAM, PALM BE ACH COUNTY, FLO RI DA, EST ABLIS HING A P OLICY TO WRITE OFF BA D DEBT IN A TIMELY AND EXPEDITIOUS FAS HI ON; PROVIDING AN EFFECTIVE DATE . WHEREAS, the Town of Gulf Stream owns and operates a utility fund that includes water distribution and garbage collection, and charges fees for those services; a nd WH EREAS, the Town has on its books inactive accounts that are u ncollectable due to the failure of residents selling their homes to pay their final bills; and WHEREA S, the Town Commission recognizes that the ability of the T own to effectively collect on outstanding utility fees is difficult and in many cases the likelihood of collecting is extremely minimal; and WHER EAS, many of the inactive accounts for utility fees are still maintained as available revenue on the accoun ts receivable ledgers of the Town of Gulf Stre am; and WH EREAS, it is the desire of Town staff and the Town Commission to provide for a policy to clean up the finan cial records and books of the Town to avoid the carry-over of accounts receivables as available reven ue, which stan d a min imal possibility of collection; and WHEREA S, the Town Co mmission has determined that writing off i nacti ve accou nts receivables would clear up the books an d fin an cial records of the Town. NOW THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSIO N OF THE TOWN OF G ULF STR EAM, PALM BEA CH COU NTY, FLORIDA, AS FO LLOWS: Section 1. The foregoin g recitals are hereby ratified and confirmed. Section 2. The To wn Bad Debt Po licy, attached as "Exhibit A" is hereby adopted. Section 3. This Resolution shall become effective immediately upon its adoption. PASSED AN D A DOPTED in a regular session assembled this 9 day of :S.1:-)(( , TOWN OF GU LF STREAM ATTEST: TOWN CLER K V ICE MAYOR COMMISSION ER TOWN OF GULF STREAM PALM BEACH COU NTY, FLORIDA Bad Debt Policy Purpose To ensure that un collectible monies are written - off in a timely and expediti ous fashion . This policy applies to fees charged for garbage collection and water. Defin itions Productive Activity: H aving a recent (within 30 days) promise to pay, in writing and sign ed by the debtor, or a current payme nt plan in place on the accou nt. Aged R eceiv able Report: a detailed listi ng that i ncl udes customer name and ou tstandin g balan ce, aged receiv ables for current, 30, 60, 90 and 120 days. Rep ort should be system generated by the Town utility billing software system accou nts receivable. Utility Accounts Receivable balances over 12 months old lacking current Producti ve Acti vity are to be written off. Debts may be written -off prior to 12 months if they are coded as deceased, bankrupt, or if collection efforts have been exhausted. To request a Utility A ccoun ts Receivable write-off, the utility billing staff must supply the Town Manager with an Aged R eceivable Report on or before September 30 of the fiscal year, detailing all write-offs for the prior fiscal year for review and approval by the Town Man ager. Information detailing write-offs in clu des: • Customer n ame and address • Inv oice date • Original invoice amou nt and remaining unpaid balance • Explanation of reaso n fo r write-off Write-offs that ex ceed the dollar v alue threshold for expenditures of the Town Manager as established by the Town Commission shall require Town Commission approval.