4.8 SR 10-21-2024 - Laserfiche WebLink

Home Browse Search

Financial Management Policies Page 15 15 ▪Loss Control. Reduce or mitigate expenses of a negative occurrence. ▪Loss Financing. Provide a means to finance losses. ▪Loss Information Management. Collect and analyze relevant data to make prudent loss prevention, loss control and loss financing decisions. The city will maintain an active Safety Committee comprised of city employees. The city committee will periodically conduct educational safety and risk avoidance programs, through its Safety Committee and with the participation of its insurers, within its various departments for all employees. The city will maintain the highest deductible amount, considering the relationship between cost and the city’s ability to sustain the loss. Accounting, Auditing, and Financial Reporting The city will establish and maintain the highest standard of accounting practices, in conformity with Generally Accepted Accounting Principles (GAAP) including the following:. ▪The city will Aattempt to maintain the GFOA Certificate of Excelleance in Financial Reporting. ▪The city will Aarrange for an annual audit of all funds and account groups by and independent certified public accountants or by the Office of the State Auditor’s Office. ▪Provide Regular monthly summary reports present a summary of financial activity by major type of funds as compared to budget. ▪ Department dDirectors will shall review departmental budgets monthly reports comparing actual revenues and expenditures to the budgeted amounts. Any negative variance in any revenue or spending category (Personal Services, Supplies, Other Charges and Services, Capital Outlay) for their department as a whole projected to exceed $5,000 by year-end will be reported in writing to the Finance Director and the to ensure budgetary compliance and report all deficiencies immediately to the Ccity Aadministrator. Operating Budget ▪The cCity Aadministrator shall annually propose a balanced , when submitting the proposed budget to the City Council, will submit a balanced budget in which appropriations will do not exceed the total of the estimated General Ffund revenue and the fund balance available after applying the General Fund Reserve Policy. ▪The city will annually appropriate a contingency appropriation in the General fund budget, not to exceed .5% of the total budget, to provide for unanticipated expenditures of a non-recurring nature. ▪In the event there is an unanticipated shortfall of revenues in a current year budget, the fFinance Director manager may recommend the use of a portion of the General fFund unreserved fund balance, not to exceed the amount of available cash or reserved for working capital or already appropriated to the General fund current budget.. ▪The budget will provide for adequate maintenance of buildings and equipment, and for their orderly replacement. ▪The Ffinance Director manager will prepare regular monthly reports comparing actual revenues and expenditures to the budgeted amount. All sSignificant variances will be summarized in a written reporting to the Ccity Aadministrator and City Council. ▪The operating budget will describe the major goals to be achieved and the services and programs to be delivered for the level of funding provided. ▪Before adding a new program or service, the city will consider the use a cost- benefit analysis of using outside contractors versus in-house provided services. ▪The city will attempt to maintain the GFOA Distinquished Budget Presentation Award. ▪The city Assests will not sell be sold assets or use one-time accounting principle changes used to balance the budget for any fund. Page 95 of 294