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�i <br /> EOty lk Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.7 <br /> Agenda Section Meeting Date Prepared by <br /> Consent Aril 7, 2014 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> Financial Management Policies Annual Update Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, the updated financial management policies. <br /> Background/Discussion <br /> In 2013, staff completed a consolidation of financial management polices into one comprehensive <br /> document that Council approved on April 15, 2013. <br /> The 2014 updates and modifications were done by reviewing standards and best practices recommended <br /> by the Government Finance Officers Association (GFOA), and a review of policies by other cities. With <br /> an upcoming rating call for the wastewater bonds staff had Springsted review our policies also. Items <br /> underlined are modifications or additions from our last update. <br /> Relative Importance of Financial Policy Types (GFOA,financial policies pg 29) <br /> Essential policies Highly advisable policies <br /> Fund balance and reserves Accounting and financial reporting <br /> Operating budget Revenues <br /> Capital budgeting and planning Internal Controls <br /> Debt management Expenditures <br /> Long-range financial planning Purchasing <br /> Investment Risk Management <br /> Economic Development <br /> Financial Management Policies (change summary) <br /> Purpose Section <br /> ■ No change/update. <br /> Objectives <br /> ■ No change/update. <br /> Revenue and Expenditure <br /> ■ No change/update. <br /> rowlalI a <br /> ATURE <br />