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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> FROM: Brenda Malinowski, Finance Director <br /> <br />DATE: June 20, 2019 <br /> <br />RE: Financial Policies <br /> <br /> <br />ACTION REQUESTED: <br /> <br />Approve the Financial Policies as presented. <br /> <br />BACKGROUND: <br /> <br />Strong financial policies provide guidance in the responsible use of the City’s resources and <br />contribute to the City’s financial health. It is important to review and revise the Financial <br />Policies periodically, and they were last reviewed in 2016. These revised Financial Policies <br />were reviewed at the last Council workshop. During the workshop, it was suggested to remove <br />the per capita reference in the Debt Policy. This has been done. <br />Listed below are the sections and noteworthy items included in the Financial Policies: <br />• Table of Contents. <br />o A table of contents has been added to the Financial Policies for ease of use. <br />• Accounting, Auditing, and Financial Reporting. <br />o Internal control procedure responsibility has been added to this section. The <br />Finance Director is responsible for implementing internal control procedures. <br />• Budgetary and Financial Control <br />o No major changes. <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 />o No major changes. <br />• Fund Balance – Governmental Funds <br />o This policy had been adopted by resolution in 2011. The policy is now included <br />in the Financial Policies. A section has been added to discuss the fund balances <br />of Special Revenue, Debt Service, and Capital Project funds. <br />• Capital Budgets <br />o No major changes. <br />