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06-12-2019 Workshop & Council Packet
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06-12-2019 Workshop & Council Packet
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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Brenda Malinowski, Finance Director <br /> DATE: June 7, 2019 <br /> RE: Financial Policies <br /> <br />BACKGROUND: <br /> <br />I have reviewed and updated the City of Little Canada Financial Policies. I would like Council’s <br />feedback on these policies at the Council Workshop on Wednesday. <br />Listed below are the sections and noteworthy items now included in the Financial Policies: <br />• Accounting, Auditing, and Financial Reporting <br />• Budgetary and Financial Control <br />• Investments <br />o This policy is now in compliance with current State Statutes. The policy also <br />addresses credit risk, interest rate risk, and diversification. These are items that <br />are disclosed in the annual CAFR (Comprehensive Annual Financial Report). <br />• Revenue <br />• Fund Balance – Governmental Funds <br />o This policy had been adopted as a resolution. The policy is now included in the <br />Financial Policies. <br />• Capital Budgets <br />• Debt Management <br />o This policy now includes debt issuance practices, debt structuring practices, and <br />post issuance practices. These are items that Rating Agencies look at during a <br />ratings review process. The Conduit Debt Policy needs to be updated yet. <br />• Purchasing <br />o A draft Purchasing Policy was reviewed with the City’s leadership team since this <br />policy has an impact on the current purchasing of supplies and services. The <br />recommended changes from the leadership team are included in the policy <br />included in the packet. <br />• Credit Cards <br />o This was a separate policy that is now included in the Financial Policies. <br /> <br />• Elected Officials Device Allowance <br />o This was a separate policy that is now included in the Financial Policies. <br />• Risk Management <br />
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