Page 369 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget
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Section 11 Municipal Policies
Municipal Fiscal & Budgetary Policies
XI. FISCAL MONITORING
A. Financial Status and Performance Reports - Quarterly reports comparing expenditures and
revenues to current budget, projecting expenditures and revenues through the end of the
year, noting the status of fund balances to include dollar amounts and percentages, and
outlining any remedial actions necessary to maintain the Town' s financial position shall be
prepared for review by the Town Manager and the Council.
B. Compliance with Council Policy Statements - The Fiscal and Budgetary Policies will be
reviewed annually by the Council and updated, revised or refined as deemed necessary.
Policy statements adopted by the Council are guidelines, and occasionally, exceptions
may be appropriate and required. However, exceptions to stated policies will be
specifically identified, and the need for the exception will be documented and fully
explained.
XII. FINANCIAL CONSULTANTS
To employ the assistance of qualified financial advisors and consultants as needed in the
management and administration of the Town's financial functions. These areas include but are
not limited to investments, debt administration, financial accounting systems, program
evaluation, and financial impact modeling. Advisors shall be selected on a competitive basis
using objective questionnaires and requests for proposals based on the scope of the work to
be performed.
XIII. ACCOUNTING, AUDITING, AND FINANCIAL REPORTING
To comply with prevailing local, state, and federal regulations relative to accounting, auditing,
and financial reporting. Accounting practices and financial reporting shall conform to
generally accepted accounting principles as promulgated by the Governmental Accounting
Standards Board ( GASB), the American Institute of Certified Public Accountants, ( AICPA), and
the Government Finance Officers Association ( GFOA). The Board shall select an independent
firm of certified public accountants to perform an annual audit of all operations
A. Accounting – The Town is solely responsible for the recording and reporting of its financial
affairs, both internally and externally. The Town’ s Finance Director is responsible for
establishing the structure for the Town’ s chart of accounts and for assuring that procedures
are in place to properly record financial transactions and report the Town’ s financial
position.
B. External Auditing - Town will be audited annually by outside independent accountants
auditors). The auditors must be a CPA firm and must demonstrate significant experience
in the field of local government auditing. They must conduct the town’ s audit in
accordance with generally accepted auditing standards and be knowledgeable in the
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