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<br />______________________________________________________________________________ <br /> <br />Page 1 of 2 <br /> <br /> <br /> <br /> <br /> <br />COMMISSION POLICY <br /> <br />Section: Category: <br />Governance Delegation to Management Policies <br />Policy Reference: Policy Title: <br />G.4i Financial Condition and Transactions <br /> <br />PURPOSE: <br /> <br />With this policy, the Commission sets forth its expectations for the General Manager <br />concerning ERMU’s financial condition and transactions. <br /> <br />POLICY: <br /> <br />The General Manager shall not intentionally cause or allow ERMU’s financial condition to <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 Commission’s governance policies. The <br />General Manager shall not allow financial reporting that fails to comply with applicable <br />standards for governmental accounting. <br /> <br />Consistent with this general statement, the General Manager shall: <br /> <br />1. Provide monthly financial reports to the Commission which accurately and adequately <br />describe ERMU’s financial condition. <br /> <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 /> <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 /> <br />4. Advise the Commission of any individual project expenditure in excess of 10% above the <br />approved budgeted amount. <br />85