TO: Mayor Bien-Willner and Town Council Members
FROM: Jill Keimach, Town Manager
Douglas Allen, CPA
DATE: April 9, 2020
DEPARTMENT: Finance
Staff Contact Douglas Allen
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AGENDA TITLE:
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Discussion of the Town's Financial Management Policies for FY2020/21; and Ordinance 2020-04 Authorizing Warrants and Electronic Payments
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SUMMARY STATEMENT:
1. FINANCIAL MANAGEMENT POLICIES
A. PURPOSE
The purpose of this agenda item is to provide a general overview of the Town's current Financial Management Polices and other priorities that are integral in framing the Town's financial management, including budgets, financial forecasts and plans.
Staff will highlight the impactful policies and provide an explanation for the recommended amendments.
B. APPROVED DATES
There were three primary dates the Town's Financial Management Policies were approved. Council approved the Financial Management Policies via resolution on 02/26/2009 and 02/25/2010.
As part of the FY2016/17 budget process, Financial Management Policies were discussed with Council on 04/26/2016. But no official Council action was recorded. Since then, the policies have appeared in the Town's Adopted Budget books, as presented on 04/26/2016.
C. TRACKING AMENDMENTS
Effective with the FY2020/21 Financial Management Policies, all modification dates are now included with each policy.
D. COMMUNICATION AND COUNCIL ACTION
Management recommends the Financial Management Policies be integrated with other annual processes. It is recommended Council adopt the Financial Management Policies with the annual budget resolution that includes the CIP and Strategic Revenue Plan (stress test)
Separate actions that also occur annually include resolutions for prior year budget amendments; the State mandated PSPRS UAAL Funding Policy; the employee handbook and authorizing contracts and any anticipated purchases over $100,000 that may need to be ordered before Council returns in September.
E. QUA...
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