Laserfiche WebLink
COMMISSION POLICY <br />Section:Category: <br />GovernanceDelegation to Management Policies <br />Policy Reference:Policy Title: <br />G.4iFinancial Condition and Transactions <br />PURPOSE: <br />With this policy, the Commission sets forth its expectations for the General Manager <br />POLICY: <br />The General Manager shall not intentionally <br />become precarious or to materially deviate from the Financial Plan or Business Plan/Budget. <br />The General Manager shall not allow financial transactions to occur outside of the boundaries <br />established by other applicable provisions of the governance policies. The <br />General Manager shall not allow financial reporting that fails to comply with applicable <br />standards for governmental accounting. <br />Consistent with this general statement, the General Manager shall: <br />1. Provide monthly financial reports to the Commission which accurately and adequately <br />2. Provide quarterly financial report presentations which discuss any material changes (1% or <br />greater of annual revenues or expenditures for each utility enterprise) to the projections for <br />the balance of the fiscal year including any appropriate remedial actions. <br />3. Not allow the cumulative expenditure of funds during a fiscal year to exceed by more than <br />$1 million the amounts that have been allocated through the approved capital and <br />operating budgets without prior approval by the Commission in the form of a budget <br />amendment. <br />4. Advise the Commission of any individual project expenditure in excess of 10% above the <br />approved budgeted amount. <br />______________________________________________________________________________ <br />Page 1of 2 <br />222 <br />