Friday, April 12, 2013

CHARGING FORWARD...Credit Card Use Gets Good Grades

Copyright © 2013 Mid-Hudson News Network, a division of Statewide News Network, Inc. Auerbach gives Ulster County use of credit cards good grades KINGSTON – Ulster County Comptroller Elliott Auerbach has given the county’s use of credit cards for purchases two-thumbs up. He analyzed 357 transactions totaling $89,392 and found them to be “relatively problem free and could be the basis for cost savings for future county acquisitions.” Currently 14 units of county government carry 32 JP Morgan Chase Procurement cares, or P-Cards, that have been used to buy everything from legal reference manuals and select office supplies to electronic equipment and business travel. Auerbach said because of their success, he would recommend further use of the cards. “Using the procurement cards as opposed to the arduous purchase order method seems to speed up both the purchase side of it and the payment side of it. So, we see some definite pluses from it,” he said. “Add on top of that the opportunity to gain rebates back from respective credit card companies so that at the end of the day if you are looking at hundreds of thousands of dollars of purchases at 1 ½ percent rebate, per se, the county could stand to make money on this.” Auerbach said the review of procedures for 2012 found that in the majority of cases, the internal controls were reasonable and adequate and procedures were followed.

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