File #: 19-0769    Name: FY20 Financial Policies
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 9/17/2019 Final action: 9/17/2019
Title: Consider/Discuss/Act on a Resolution Adopting the Fiscal Year 2019-2020 Financial Policies
Attachments: 1. Resolution, 2. Financial Policies FY20

Title

Consider/Discuss/Act on a Resolution Adopting the Fiscal Year 2019-2020 Financial Policies

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

                     4A: Provide funding and organizational framework to ensure continual economic improvements

 

MEETING DATE:                     September 17, 2019

 

DEPARTMENT:                      Financial Services

 

CONTACT:                       Mark Holloway, Chief Financial Officer

                     Trudy Mathis, Finance Director

 

 

RECOMMENDED CITY COUNCIL ACTION:                     

                     Adopt the Fiscal Year 2019-2020 Financial Policies

 

ITEM SUMMARY: 

                     The City of McKinney shall take action to annually adopt the financial policy.

                     There are no proposed changes to the policy.

                     This policy, which is included in the annual budget document, is used by the external auditor to ensure that prudent financial management is being practiced.

 

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