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5.2.2 <br /> <br />5.2.3 <br /> <br />5.3 <br /> <br />5.4 <br /> <br />5.5 <br /> <br />5.6 <br /> <br />5.7 <br /> <br />5.8 <br /> <br />6.1 <br /> <br />6.2 <br /> <br />(Draft January 2002) Key Financial Strate~es <br /> For Elk River <br /> <br />fixed ongoing amount previously approved by the City Council, and (4) <br />items purchased under a price agreement for which an open purchase <br />order already exists. A purchase order shall not remain open for longer <br />than one year. <br />The purchase order shall be completed and signed prior to purchasing <br />the requested item. The purchase order shall include: (1) a description of <br />the item(s) to be purchased, (2) quantity, (3) cost (including tax and <br />shipping, and (4) budget code to be charged. The purchase order shall <br />be signed by the Department Head and the Finance Director or the City <br />Administrator. <br />A copy of the purchase order shall be given to the Finance Department <br />prior to the purchase. <br /> <br />The Department Head is responsible for ensuring that adequate funds <br />are available in the budget for the item(s) requested as outlined in <br />Minnesota Statutes, Section 412.721. <br /> <br />Purchasing pohcies are designed to facilitate the effective delivery of <br />municipal services while maintaining adequate financial controls. <br /> <br />Department heads may make expenditures contained in the annual <br />budget in an amount not in excess of $2,000 without City Administrator <br />approval. <br /> <br />The City Administrator may make expenditures contained in the annual <br />budget in an amount not in excess of $25,000 without City Council <br />approval. <br /> <br />The City will follow statutory requirements for competitive bidding. <br /> <br />No expenditure or other obligation shall be made unless authorized by <br />the budget and in compliance with 5.1 through 5.4 above. Any <br />obligation incurred by any person in the employ of the City for any <br />purpose not authorized in the budget resolution or for any amount in <br />excess of the amount therein authorized shall be a personal obligation <br />upon the person incurring the expenditure. <br /> <br />6. Budgeting <br /> <br />The City Administrator is responsible for the preparation and the <br />administration of the annual operating budget based on input from the <br />Department Heads. <br /> <br />The City will use financial forecasts as a tool for planning. Projecting <br />key financial factors into the future allows the City to better understand <br />the consequences of today's decisions, to identify opportunities and to <br />plan for change. It is recognized that the complexities of local <br />government finance make financial forecasts an indication of trends and <br />not a specific prediction of the future. <br /> <br />Page <br /> 17 <br /> <br /> <br />