Page 233 - Saginaw FY19 Annual Budget

CITY OF SAGINAW
FINANCIAL POLICIES
2018-2019

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:

 Quality basic City services that meet the needs and desires of the citizens.
 A financial base sufficient to maintain or enhance City assets required to support
community service demands.
 Responsiveness to the constantly changing needs, desires, and service requirements of
the City.
 Prudent and professional financial management practices to assure residents of Saginaw
and the financial community that the City of Saginaw is well managed and in sound
financial condition.
 Cost effective services to citizens through cooperation with other government entities.
 An adequate capital improvement program that maintains and enhances the public’s
assets.

General Goals
 The City will hire an outside (independent) auditor.
 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 prepared within 90 days of the close of the fiscal
year.
 Annual reporting will be done within the guidelines set forth by Generally Accepted
Accounting Principles (GAAP).
 Interim activity reports will be made available to Council and Management.
 Financial systems will be maintained to monitor expenditures/expenses and revenues on
a monthly basis with a thorough analysis and adjustment (if required) at the end of each
quarter.
 Budgets for all funds are adopted on a basis consistent with generally accepted
accounting principles (GAAP).
 Annual appropriated budgets are adopted for all funds.
 The City will strive to maintain accounting policies and practices in the preparation of its
annual financial report.
 The report will be presented to the Government Finance Officers Association (GFOA) for
review of qualifications that meet those necessary to obtain the Certificate of Achievement
for Excellence in Financial Reporting.
 The City will also submit its annual budget to Government Finance Officers Association
(GFOA) for review to receive the Distinguished Budget Presentation Award.

Staffing levels shall be adequate for the departments of the City to function effectively. Overtime
shall be used only to address temporary or seasonal demands that require excessive hours.
Possible ways to increase efficiency shall be explored before adding staff. However, the staffing
levels shall not be inadequate or marginal such that the City’s internal controls are jeopardized.

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