Title
Consider/Discuss/Act on a Resolution Adopting the Fiscal Year 2012-2013 Financial Policy
Summary
MEETING DATE: September 18, 2012
DEPARTMENT: Finance
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Adopt the Fiscal Year 2012-2013 Financial Policy
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.
· Changes to the policy are as follows:
o Added the Investment Policy
o Added the Purchasing Policy
o Revised the Charter section to match the current City Charter
o Revised the Fund Balance Policy for ongoing procedures
o Added the Capital Improvement Policy. Moved the Capital Projects Fund details to this section from the Charter section. This requirement was removed from the Charter under Proposition 9, dated May 2001.
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.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A