Saturday, September 02, 2006

WFSB Reports person for depositing checks was on vacation

Today's WFSB report entitled "City Finds $10 Million in Un-Cashed Checks" provided a new detail about the $10 Million in uncashed checks -- apparently the person who was responsible for depositing them was on vacation. Does this mean that there is only *one person* capable of depositing checks? That seems rather ridiculous, considering that the amount we lose in interest is significant:
A little over $10 million at 5 percent a year is $500,000. So break it out monthly -- it's about $40,000 we could use here in West Haven," Picard said.
$40,000 is just about the median family income here in West Haven - that's a year's worth of work.

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