Fiscal and Budgetary Policy Statements Adopted March 7, 2016 by City Council

City Council approved the FISCAL AND BUDGETARY POLICY STATEMENTS (PDF) at the March 7, 2016 regular city council meeting. Follow the above link to the complete documents. The Statement of Purpose is listed below.

I. Statement of Purpose

The intent of the following Fiscal and Budgetary Policy Statements is to enable the City to achieve and maintain a long-term stable and positive financial condition. The watchwords of the City’s financial management include integrity, prudent stewardship, planning, accountability, and full disclosure.

The more specific purpose is to provide guidelines for planning and directing the City’s day-to-day financial affairs and in developing recommendation to the City Administrator and City Council.

The scope of these policies includes:

* accounting, auditing and financial reporting;

* internal controls;

* operating budget management;

* capital budget and improvement programs;

* asset management;

* revenue management

* expenditure control;

* financial conditions, reserves and stability ratios;

* debt management; and

* staffing and training.

These policies are designed to benefit the City by:

*Ensuring the fair and full disclosure of the financial position and the results of financial operations are in conformity with Generally Accepted Accounting Principles (GAAP), and

*Adhering to compliance with finance related legal and contractual issues in accordance with the provision of the Texas Local Government Code and other applicable legal mandates.