CITY BUDGET BINDER FY 2018-2019_75A-1

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FINANCIAL POLICY STATEMENTS Financial policy statements articulate the premises of guidelines for which the City adheres to on various financial transactions the City may enter into during the course of its day to day operations. These policy statements are listed below by subject area. Accounting, Auditing, & Financial Reporting Guidelines • The accounting system will maintain the City's financial records on a basis consistent with Generally Accepted Accounting Principles (GAAP) applicable to local government along with adherence to the current GFOA and CSMFO best practices if applicable. • Financial Reports will be generated, and made available upon request, on a monthly basis detailing the City's Revenues and Expenditures for both a summary and detail basis. • A financial report entitled Comprehensive Annual Financial Report (CAFR) will be prepared at the end of each fiscal year to account for the City's financial transactions for the year. • In accordance with state law, an Investment Report will be prepared on a quarterly basis to account for the amounts, placements, and yields of the City's invested funds. • In accordance with state law, an independent firm will perform an annual audit of the financial statements of the City and will publicly issue an opinion therein. Operating Budget Guidelines • The City will avoid budgetary procedures that balance current expenditures at the expense of meeting future years' expenses, such as postponing expenditures, accruing future years' revenues, or rolling over short-term debt. • Budgetary and accounting procedures will conform to Generally Accounting Principles (GAAP) for government agencies. • The Budget Office will identify deferred maintenance building and equipment. • The budget will provide for adequate funding of retirement obligations in accordance with contractual commitments. • The City will maintain a budgetary control system to assist City Staff with adhering to the budget guidelines. • The City will monitor departmental budgeted expenditures versus budget appropriations.