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Q&A
Louisa Chaffee on solutions for late vendor payments
0:33:06
·
44 sec
Commissioner Sharon Greenberger asks Louisa Chaffee, Director of the NYC Independent Budget Office, to identify her strongest recommendation for addressing late payments to vendors.
Chaffee suggests programming the city's financial management systems (FMS and Passport) to automatically pay a significant percentage (e.g., 80%) of an invoice, allowing disputed smaller amounts to be resolved separately without delaying the bulk of the payment and noting that an audit still occurs after the process.
David Mirtz
0:33:06
If you
Sharon Greenberger
0:33:06
could very briefly, you mentioned that you have several ideas around late payments.
0:33:11
If you could identify the one that you feel most strongly about
Louisa Chaffee
0:33:15
Yes.
0:33:15
That you've included?
0:33:17
Yes.
0:33:17
The city's automatic payment systems within FMF the financial management system and passport should be programmed in such a way to automatically pay a certain percentage, say 80% of the invoice automatically.
0:33:31
This allows the smaller areas that are debated to continue, and it doesn't add risk because remember, there's an audit after the process.
Sharon Greenberger
0:33:40
Perfect.
0:33:41
Thank you very much.
0:33:43
Any questions?
0:33:46
Okay.
0:33:47
Thank you, Louise.
0:33:48
I really appreciate it.
0:33:49
Thanks for being here.