Title
Consider/Discuss/Act on a Resolution Adopting the Fiscal Year 2015-2016 Financial Policies
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: September 15, 2015
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Adopt the Fiscal Year 2015-2016 Financial Policies
ITEM SUMMARY:
• The City of McKinney shall take action to annually adopt the financial policy.
• This policy, which is included in the annual budget, is used by the external auditor to ensure that prudent financial management is being practiced.
• Revisions to the Financial Policies include:
o Language requiring Council approval for changes in the Purchasing policy
o Council review of the annual TMRS contribution rate and evaluation of the TMRS benefit
BACKGROUND INFORMATION:
• The City adopts financial policies to provide a stable financial base at all times. The policy establishes that sufficient funds be retained to provide cash flows as needed for the financial operations of the City.
• On November 4, 2014 Council voted to remove the Statutory Maximum Contribution Rate Limit regarding the TMRS Benefit.
o Council requested an update to the Financial Policies to provide for Council review and evaluation of the TMRS rate and benefit
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A