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ERMU Commission Policy – G.4i Financial Condition and Transactions <br />______________________________________________________________________________ <br /> <br />______________________________________________________________________________ <br /> <br />Page 2 of 2 <br />5. Not reallocate an amount greater than $500,000 among line items in the approved capital <br />and operating budgets without prior approval by the Commission in the form of a budget <br />amendment. <br /> <br />6. Advise the Commission of any financial transaction or event deemed by the General <br />Manager to have a substantial impact on ERMU’s financial condition. <br /> <br />7. Not take any financial action that violates bond covenants or otherwise jeopardizes <br />ERMU’s ability to obtain favorable bond ratings. <br /> <br />8. Not allow working capital and other designated reserves to fall below the levels <br />established in the Financial Plan. <br /> <br />9. Make payroll and pay other financial obligations in a timely way. <br /> <br />10. Collect or otherwise resolve receivables. <br /> <br />11. Implement internal policies and procedures that comply and ensure timely accounting and <br />reporting of financial condition and transactions in accordance with legal or regulatory <br />requirements, and generally accepted industry practices. <br /> <br />12. Not acquire, encumber, or dispose of real property without approval of the Commission. <br /> <br />POLICY HISTORY: <br /> <br />Adopted August 8, 2017 <br />153