By: @Lilia Hernandez
This week, CSDA’s Co-Sponsored legislation, Senate Bill 1005 (Caballero) Local agency: payment: rounding amount, passed out of the Senate Local Government Committee on Consent. Because it is not a bill with a significant cost, it has been sent directly to the Senate floor for consideration.
SB 1005 allows a local agency to pass a resolution adopting the bill’s provisions to grant authority to round cash transactions to the nearest five cents. This bill was introduced in response to the decision to cease production of pennies by the US Mint due to rising inflation costs of penny production - costing roughly 3.69 cents per penny.
This bill will help resolve local agencies’ concerns regarding a shortage in pennies as they continue to conduct cash transactions.
Stay tuned to eNews and Advocacy News for updates.
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