Legislation Details

File #: 12-082    Name: Financial Policies
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 2/7/2012 Final action: 2/7/2012
Title: Consider/Discuss/Act on a Resolution Adopting the Financial Policy
Attachments: 1. Resolution, 2. Financial Policies Final, 3. Financial Policies Markup

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