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Request for Action <br />To <br />Item Number <br />Mayor and City Council <br />4.6 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Consent <br />Aril 6, 2015 <br />Tim Simon, Finance Director <br />Item Description <br />Reviewed by <br />Financial Management Policy Update <br />Cal Portner, City Administrator <br />Risk Management <br />Reviewed by <br />Action Requested <br />Approve, by motion, updated financial management policies. <br />Background /Discussion <br />Staff annually reviews the financial management policies and provides recommendations to the Council. <br />The 2015 updates and modifications were done by reviewing standards and best practices recommended <br />by the Government Finance Officers Association (GFOA), and a review of policies by other cities. Items <br />underlined are modifications or additions from our last update. <br />Relative Importance of Financial Policy Types (GFOA, financial policies pg 29) <br />Essential policies <br />Highly advisable policies <br />Fund balance and reserves <br />Accounting and financial reporting <br />Operating budget <br />Revenues <br />Capital budgeting and planning <br />Internal Controls <br />Debt management <br />Expenditures <br />Long -range financial planning <br />Purchasing <br />Investment <br />Risk Management <br />Economic Development <br />Financial Management Policies (change summary) <br />Purpose Section <br />■ No change /update. <br />Objectives <br />■ No change /update. <br />Revenue and Expenditure <br />■ No change /update. <br />Utilities <br />Added new storm water enterprise fund to include all enterprise funds in which transfers are <br />made for administrative items. <br />Pow IaIa a <br />UREJ <br />