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J <br /> <br />6.6 <br /> <br />6.7 <br /> <br />The City will provide ample time and opportunity for public input into its <br />budget setting deliberations each year, including any required public <br />hearings. <br /> <br />Department heads will be responsible for administration of their <br />departmental operating budget. Requests for budget adjustments must be <br />submitted and approved before any program incurs cost overruns for the <br />annual budget period. <br /> <br />Accounting, Auditing and Financial Reporting <br /> <br />7.1 <br /> <br />7.2 <br /> <br />7.3 <br /> <br />The City will establish and maintain the highest standard of accounting <br />practices, in conformity with Generally Accepted Accounting Principles <br /> <br />7.4 <br /> <br />The City will arrange for an annual audit of all funds and account groups <br />by independent certified public accountants or by the State Auditor's <br />Office. <br /> <br />7.5 <br /> <br />Staff is to bring these Financial Management Policies to the City Council <br />at least every two (2) years for review. <br /> <br />Regular monthly reports present a summary of financial activity by major <br />type of funds as compared to Budget. Department Heads will review <br />monthly reports comparing actual revenues and expenditures to the <br />budgeted amounts. Any negative variance in any revenue or spending <br />category (Personal Services, Supplies, Other Charges and Services, <br />Capital Outlay) for their department as a whole projected to exceed $5,000 <br />by year-end will be reported in writing to the Finance Director and the <br />City Administrator. <br /> <br />The City will comply with the requirements of GASB 34 by the end of <br />fiscal year 2003. <br /> <br />Reserves <br /> <br />8.1 <br /> <br />8.2 <br /> <br />8.3 <br /> <br />The City will establish and maintain reserves necessary to provide <br />adequate working capital, minimize indebtedness by accumulating monies <br />for capital investment, prevent the use of external short-term borrowing by <br />providing monies for contingencies and emergencies, and stability in <br />taxation and user fees. <br /> <br />Reserves in special revenue funds shall be accumulated and used solely <br />for the purposes served by the specific fund. <br /> <br />The capital improvements planning process will earmark reserves in <br />special revenue, capital project and enterprise funds to be used for capital <br />investment. <br /> <br /> <br />