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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />4.8 <br /> <br />Meeting Date <br />October 21, 2024 <br />Prepared By <br />Cal Portner, City Administrator <br /> <br />Item Description <br />Update Finance Policy <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Tina Allard <br /> <br />Action Requested <br />Approve, by motion, the City of Elk River Financial Policies. <br /> <br />Background/Discussion <br />The city maintains and follows financial policies reflecting the best practices and recommendations from the <br />Government Finance Officers Association (GFOA), the Governmental Accounting and Standards Board <br />(GASB), and the League of Minnesota Cities. <br /> <br />Last spring, the Minnesota Attorney General's Office issued a new opinion regarding public purpose <br />expenditures. Following a review by the Elk River City Attorney, changes were made to the city's Public <br />Purpose Expenditure Policy. <br /> <br />City finance policies are reviewed periodically to ensure accuracy and to clarify language. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Elk River Mission Statement <br /> <br />Attachments <br />1. 2024 Update Financial Policies CLEAN <br />2. 2024 Update Financial Policies Redline <br /> <br /> <br />Page 52 of 294