PROPOSED BUDGET - Laserfiche WebLink

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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. • The accounting system will maintain the City's financial records on a basis consistent with Generally Accepted Accounting Principles (GAAP)applicable tn 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, qna monthly basis detailing the City's Revenues and Expenditures for both a summary and detail basis. m A financial report entitled Comprehensive Annual Financial (C4FA) 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 toaccount for the amounts, placements, and yields ofthe City's invested funds. w 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. • 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, orrolling over short-term debt. • Budgetary and accounting procedures will conform to Generally Accounting Principles (GAAP)for government agencies. w The Budget Office will identify deferred maintenance building and equipment. m The budget will provide for adequate funding ofretirement obligations in accordance with contractual commitments. • The City will maintain abudgetary control system to assist City Staff with adhering to the budget guidelines, • The City will monitor departmental budgeted expenditures versus budget appropriations.