Page 148 - Haltom City FY19 Annual Budget

CITY OF HALTOM CITY
FINANCIAL MANAGEMENT POLICIES

Purpose

The financial management policies of the City are designed to ensure the financial integrity of
the City’s government and assist the City in achieving the following:

A. Quality basic City services that meet the needs and desires of the citizens.

B. A financial base sufficient to maintain or enhance City assets required to support
community service demands.

C. Responsiveness to constant changing needs, desires and service requirements of the
City.

D. Prudent and professional financial management practices to assure residents of Haltom
City and the financial community that City government is well managed and in sound
fiscal condition.

E. Cost effective services to citizens through cooperation with other government entities.

F. An adequate capital improvement program that maintains and enhances the public’s
assets.

General Goals

Audit. The City will follow a five-year review and rotation of an outside (independent) auditor as
provided in the City Charter. The auditors must demonstrate breadth and depth of staff
necessary to handle the City’s audit in a timely manner. The audited financial statements shall
be submitted to the City Council within 180 days of the close of the fiscal year.

In compliance with City Policy, a committee of four (4) members of the City Council will be
selected to operate as the City Council Audit Committee. Three of the members are active
members and the fourth serves as an alternate. This committee reviews the financial statements
and audit findings with the independent outside auditors and recommends Council action
concerning the audited financial statements.

Annual/Interim Reporting. Annual reporting will be completed within the guidelines set forth in
the Governmental Accounting and Auditing Financial Review and under the standards
promulgated by the Governmental Accounting Standards Board. Interim activity reports will be
made available to council and management each month. Financial systems will be maintained
to monitor expenditures and revenues on monthly basis with a thorough analysis and adjustment
(as required) at the end of each quarter. Budgets for all funds are adopted on basis consistent
with generally accepted accounting principles (GAAP). Annual appropriated budgets are
adopted for most funds. All annual appropriations remain open for 60 days subsequent to year-
end.

Page 129