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<br />REQUEST FOR ACTION <br /> <br /> <br /> <br />T O I TEM N UMBER <br /> <br />Mayor and City Council 4.3 <br />A GENDA S ECTION M EETING D ATE P REPARED BY <br /> <br />ConsentApril 15, 2013Tim Simon, Finance Director <br />I TEM D ESCRIPTION R EVIEWED B y <br /> <br />Financial Management Policies Update Cal Portner, City Administrator <br />R EVIEWED BY <br /> <br /> <br /> <br />AR <br />CTION EQUESTED <br />Approve by motion the update of city financial management policies. <br /> <br />B/D <br />ACKGROUNDISCUSSION <br />One of the Finance Department goals for 2013 was to update and consolidate our financial management <br />policies. Previously, we had many stand-alone policies that were amended and adopted at various times. <br />By combining them into a single source document it allows for easier review and updating and seeing the <br />full integration of the policies. <br /> <br />The City Council reviewed the policies in draft form on March 11 and April 8 and staff made all changes <br />per those discussions. One change that came up after the meeting was updating the section on sympathy <br />gifts on page 24 of the public purpose expenditure policy. The change is allowing a sympathy card to be <br />received by regular full-time and part-time employees upon the death of a family member. <br /> <br />The update and modifications were done by reviewing standards and best practices recommended by the <br />Government Finance Officers Association (GFOA), and a review of policies by other cities. <br /> <br />Relative Importance of Financial Policy Types (GFOA, financial policies pg 29) <br />Essential policiesHighly advisable policies <br />Fund balance and reservesAccounting and financial reporting <br />Operating budgetRevenues <br />Capital budgeting and planningInternal Controls <br />Debt managementExpenditures <br />Long-range financial planningPurchasing <br />InvestmentRisk Management <br />Economic Development <br /> <br /> <br />A <br />TTACHMENTS <br /> <br /> <br />Financial Management Policies <br /> <br /> <br /> <br />N:\Public Bodies\City Council\Council RCA\Agenda Packet\04-15-2013\Financialpolicy sr.docx <br /> <br />