Page 369 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget
P. 369

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






                                                             355
   364   365   366   367   368   369   370   371   372   373   374