Title
Consider/Discuss/Act on a Resolution Adopting the Financial Policy
Summary
MEETING DATE: February 7, 2012
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Finance Director
RECOMMENDED CITY COUNCIL ACTION:
• Adopt the Financial policy.
ITEM SUMMARY:
• Enterprise funds, to include Water and Wastewater, will increase their cash and investments reserve balances from 60 days to 90 days of their total operating expenses.
BACKGROUND INFORMATION:
• The City of McKinney adopts financial policies to provide a stable financial base at all times. The City also maintains a fund balance sufficient to fund all cash flows of the City.
• City management’s decision to increase fund balance in the enterprise funds will gives greater control during market fluctuations.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A