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Cash Management <br />■ No change /update. <br />Investments <br />■ No change /update. <br />Fund Balance <br />• Added new storm water utility fund under enterprise section. <br />Debt <br />■ No change /update. <br />Capital Improvement <br />• Added new storm water enterprise fund. <br />• Modified that other sealcoating will be financed through the pavement management fund, which <br />is consistent with current practice. <br />Risk Management <br />■ No change /update. <br />Accounting, Auditing and Financial Reporting <br />■ No change /update. <br />Operating Budget <br />■ No change /update. <br />Purchasing/ Credit Card Use <br />■ No change /update. <br />Public Purpose Expenditures <br />■ No change /update. <br />Expense and Travel Reimbursement <br />■ No change /update. <br />OMB Uniform Grant Compliance (New section <br />■ New audit requirements require that the city have reasonable policies and procedures in place <br />regarding the expenditure of federal grants. Staff incorporated the new requirement with our <br />existing policies and procedures. In addition, staff created a Federal Grant Checklist form for city <br />staff to use. These procedures have been reviewed by our auditors. <br />Financial Impact <br />N/A <br />Attachments <br />• Updated Financial Management Policies <br />• City of Elk River Federal Grant Information Checklist Form <br />