Cold Lake council approved changes to its procurement policy, giving city officials higher credit card limits and expanding how cards can be used for purchases.
At the September 9th meeting, council voted to amend Policy No.213-AD-21, after last month’s short-term borrowing bylaw that authorized borrowing for credit cards to help cover operating costs.
The city’s general manager of corporate services, Kristy Isert, told council the change was expected after the bylaw’s approval. “The intent of that short-term borrowing bylaw was to authorize borrowing for credit cards for the purpose of financing operating expenditures,” noting that the new policy clarifies who can have city credit cards.
The new limits are $20,000 for the CAO, $10,000 for general managers and $5,000 for the mayor and managers. In the past the CAO’s limit was $10,000 and the mayor and general managers were maxed at $5,000.
The city said the change is meant to expand credit card see while maintaining “diligent and responsible financial controls.” Council passed the change unanimously and administration is reviewing providers to secure the options including reward benefits.
