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6.3 <br /> <br />6.3.1 <br /> <br />6.4 <br /> <br />6.5 <br /> <br />6.6 <br /> <br />6.7 <br /> <br />7.1 <br /> <br />7.2 <br /> <br />7.3 <br /> <br />7.4 <br /> <br />(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />These Policies call for financial forecasts related to Property Taxes (2.2) <br />and Capital Investment (10.2). City Council and Staff will determine <br />other financial forecasts needed to support decision-making. <br /> <br />The budget shall be adjusted as needed to recognize significant <br />deviations from original budget expectations. The Council shall <br />consider budget amendments each December. Budget amendments are <br />intended to recognize changes made by the Council during the year, to <br />reflect major revenue and expenditure deviations from budgeted <br />amounts, and to consider year-end budget requests. Budget <br />amendments are not intended to create a budget that matches budgeted <br />revenues and expenditures to actual revenues and expenditures. <br /> <br />Administrative budget amendments may be made throughout the year <br />by Department Heads to adjust line item budgets within their <br />department as long as the total departmental budget does not change. <br />These line item budget changes exclude personal service and capital <br />outlay categories. Administrative budget amendments must be <br />requested in writing and approved by the City Administrator and <br />Finance Director. <br /> <br />The City will not use short-term borrowing, internal or external, to <br />balance the budget for any fund. <br /> <br />The City will not sell assets or use one-time accounting principle <br />changes to balance the budget for any fund. <br /> <br />The City will provide ample time and opportunity for public input into <br />its Budget setting deliberations each year, including any required public <br />hearings. <br /> <br />Department heads will be responsible for administration of their <br />departmental operating budget. Requests for budget adjustments must <br />be submitted and approved before any program incurs cost overruns for <br />the annual budget period. <br /> <br />7. Accounting, Auditing and Financial Reporting <br /> <br />The City will establish and maintain the highest standard of accounting <br />practices, in conformity with Generally Accepted Accounting Principles <br />(GAAP). <br /> <br />The City will arrange for an annual audit of all funds and account groups <br />by independent certified public accountants or by the State Auditor's <br />Office. <br /> <br />Staff is to bring these Financial Management Policies to the City Council <br />at least every two (2) years for review. <br /> <br />Regular monthly reports present a summary of financial activity by <br />major type of funds as compared to Budget. Department Heads will <br /> <br />Page <br /> 18 <br /> <br /> <br />