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3 <br />SECTION 1 - INTRODUCTION <br />The City of Little Canada has established these financial policies to provide a framework that <br />guides the responsible use of municipal resources and contributes to the City’s overall financial <br />health. These policies apply to all elected and appointed City officials. <br /> <br />The policies are consistent with all state and federal requirements in effect as of May 2019. <br />Statutory and regulatory changes that become effective at a later date will supersede the City’s <br />fiscal policies. No provision in this policy is intended to violate, supersede or conflict with any <br />applicable Federal law or regulation, State statue or local ordinance. In the event of conflicting or <br />violation of any such regulation, the offending provision of this chapter will be void, but all <br />remaining provisions will remain in effect. <br /> <br />The City Council is responsible for adopting and amending statements of purpose and policy. <br /> <br />The City Administrator and Finance Director are responsible for implementing the City’s financial <br />policies and proposing changes to the policies that the City Council may wish to consider from time <br />to time. The Finance Director is authorized to adopt and amend procedures to implement these <br />fiscal policies adopted by the City Council. It is intended that this document will be revised from <br />time to time. Revision dates will be indicated at the end of each policy.