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• New section added to provide guiding principles. <br /> Objectives <br /> • New section added to provide reasons for having policies. <br /> Revenue and Expenditure <br /> • Additional information about revenue and expenditure policies. <br /> Utilities <br /> • No significant changes. <br /> Cash Management <br /> • Additional information about processes with cash on-hand. <br /> Investments <br /> • No significant changes. <br /> Capital Improvement <br /> • No significant changes. <br /> Debt <br /> • No significant changes. <br /> Accounting,Auditing and Financial Reporting <br /> • Added a section on attempting to maintain the GFOA Certificate of Excellence in Financial <br /> Reporting. <br /> Risk Management <br /> • New section on risk management. <br /> Operating Budget <br /> • Added section on our updated council contingency of.5%. <br /> • Added section on unanticipated shortfall of revenue and recommendation from Finance <br /> Director. <br /> • Added section on describing major goals to be achieved and the services and programs to be <br /> delivered. <br /> • Added section that all new programs or services,the city will utilize cost/benefit analysis. <br /> • Added section that we will attempt to maintain the GFOA Distinguished Budget Presentation <br /> Award. <br /> Purchasing <br /> • Added complete new section to provide for guidance and efficiency of purchasing for city <br /> departments. Department directors reviewed and fully support how the policy is outlined. <br /> • With the bid limit changing to $100,000 we are still recommending all purchases $50,000 and over <br /> for Council approval. This was previously at$25,000 when the bid limit was $50,000. <br /> N:\Public Bodies\City Council\Council RCA\Agenda Packet\03-11-2013\Financialpolicyupdate.docx <br />