Page 80 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 2 Financial Analysis
Budget 101 Overview

SIGNIFICANT ACCOUNTING POLICIES

The Town Council has established and regularly updates a comprehensive set of financial
policies for the Town of Westlake. The Town Manager and Town Council are devoted to
safeguarding and improving the financial condition of the Town of Westlake. A full listing of
policies can be found in the Municipal Policy Section of this document.

Key features of the Fiscal & Budgetary Policies include:
Operating Budget
Revenues Management
Expenditure Control
Fund Balance
Debt Management
Intergovernmental Relationships
Grants
Economic Development
Fiscal Monitoring
Financial Consultants
Accounting, Auditing, and Financial Reporting
Capital Budget and Program
Capital Maintenance and Replacement
Internal Controls
Asset Management

FUND BALANCE POLICIES
The Town Manager and Town Council are devoted to safeguarding and improving the financial
condition of the Town of Westlake

General Fund Undesignated Fund Balance - The Town shall strive to maintain the General Fund
undesignated fund balance at, or in excess of, 90 days of operation.

Retained Earnings of Other Operating Funds - In the Utility Fund, the Town shall strive to maintain
positive retained earnings positions to provide sufficient reserves for emergencies and revenue
shortfalls.

Use of Fund Balance – The Council delegates the responsibility to assign funds to the Town
Manager or his/ her designee. The Council shall have the authority to assign any amount of
funds. Assignments may occur subsequent to fiscal year-end. The Council will utilize funds in
the following spending order: Restricted, Committed, Assigned, Unassigned

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