6. EDSR 07-15-2013 - Laserfiche WebLink

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• The city will attempt to maintain the GFOA Certificate of Excelleance in Financial Reporting. • The city will arrange for an annual audit of all funds and account groups by independent certified public accountants or by the State Auditor's Office. • Regular monthly reports present a summary of financial activity by major type of funds as compared to budget. Department directors will review monthly reports comparing actual revenues and expenditures to the budgeted amounts. Any negative variance in any revenue or spending category (Personal Services, Supplies, Other Charges and Services,Capital Outlay) for their department as a whole projected to exceed$5,000 by year-end will be reported in writing to the Finance Director and the City Administrator. Operating Budget • The City Administrator,when submitting the proposed budget to the City Council,will submit a balanced budget in which appropriations will not exceed the total of the estimated General fund revenue and the fund balance available after applying the General Fund Reserve Policy. • The city will annually appropriate a contingency appropriation in the General fund budget, not to exceed.5%of the total budget,to provide for unanticipated expenditures of a non- recurring nature. • In the event there is an unanticipated shortfall of revenues in a current year budget,the Finance Director may recommend the use of a portion of the General fund balance,not to exceed the amount of available cash or reserved for working capital or already appropriated to the General fund current budget. • The budget will provide for adequate maintenance of buildings and equipment, and for their orderly replacement. • The Finance Director will prepare regular monthly reports comparing actual revenues and expenditures to the budgeted amount. All significant variances will be summarized in a written report to the City Administrator and City Council. • The operating budget will describe the major goals to be achieved and the services and programs to be delivered for the level of funding provided. • Before adding a new program or service, the city will consider the cost benefit analysis of using outside contractors versus in-house provided services. • The city will attempt to maintain the GFOA Distinguished Budget Presentation Award. • The city will not sell assets or use one-time accounting principle changes to balance the budget for any fund. • The city will provide ample time and opportunity for public input into its budget setting deliberations each year,including any required public hearings. • Department heads will be responsible for administration of their departmental operating budget. Requests for budget adjustments must be submitted and approved before any program incurs cost overruns for the annual budget period. • The budget shall be adjusted as needed to recognize significant deviations from original budget expectations. The council shall consider budget amendments each December. Budget amendments are intended to recognize changes made by the council during the year, to reflect major revenue and expenditure deviations from budgeted amounts, and to consider year-end budget requests. Budget amendments are not intended to create a budget that matches budgeted revenues and expenditures to actual revenue and expenditures. Financial Management Policies Page 15