4.7. SR 04-07-2014 - Laserfiche WebLink

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Risk Management 1. The city will maintain a Risk Management Program that will minimize the impact of legal liabilities, natural disasters or other emergencies through the following acitivies: • Loss Prevention. Prevent negative occurrences. • Loss Control. Reduce or mitigate expenses of a negative occurrence. • Loss Financing. Provide a means to finance losses. • Loss Information Management. Collect and analyze relevant data to make prudent loss prevention,loss control and loss financing decisions. 2. The city will maintain an active Safety Committee comprised of city employees. 3. The city will periodically conduct educational safety and risk avoidance programs,through its Safety Committee and with the participation of its insurers,within its various departments. 4. The city will maintain the highest deductible amount, considering the relationship between cost and the city's ability to sustain the loss. Accounting, Auditing, and Financial Reporting • The city will establish and maintain the highest standard of accounting practices,in conformity with Generally Accepted Accounting Principles (GAAP). • 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. Financial Management Policies Page 16