Page 135 - Haltom City FY20 Approved Budget

City of Haltom City Annual Budget, FY 2020
Supplemental Information

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 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

Page 126