Page 238 - Saginaw FY20 Annual Budget

CITY OF SAGINAW
FINANCIAL POLICIES
2019-2020
(Continued)

 Revenues actually received will be regularly compared to budget revenues and variances
will be investigated. This process will be summarized in the monthly financial reports
prepared by the Asst. City Manager/Finance Director and submitted for City Council review.
 The level of budgetary control is the department level in all funds. When budget
adjustments among departments and/or funds are necessary, they must be approved by
the City Council.
 All City purchases and contracts over $25,000 shall conform to the competitive bidding
process as set forth by the City Charter. Recommendation on purchases and contracts
over $25,000 shall be submitted to the City Council for approval. (In June 2002, the City
Council adopted the bid and proposal threshold of Section 252.021 of the Texas Local
Government Code relating to bid and proposal thresholds, which supersedes Section 9.04
of the City Charter. This increases the threshold from $5,000 to $25,000.)
 Monthly financial reports will be prepared by the Finance Director showing actual
expenditures compared to original budget. These reports will be given to the City Council
for review.
 Monthly accounting reports will be distributed to all Department Heads to enable more
precise management of their respective departmental budgets.
 Each Department Head is responsible to ensure proper budgetary procedures are followed
throughout his or her department.

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