Page 387 - City of Westlake FY20 Budget

Section 11 Municipal Policies
Municipal Fiscal & Budgetary Policies

F. Intergovernmental Relationships: Where feasible, coordinate efforts with other governmental
agencies to achieve common policy objectives, share the cost of providing governmental
services on an equitable basis and support favorable legislation at the State and Federal level.

G. Grants: Seek, apply for and effectively administer within this policy’s guidelines, Federal, State,
and foundation grants-in-aid which address the Town’s current priorities and policy objectives.

H. Economic Development: Initiate where feasible, encourage, and participate in economic
development efforts to create job opportunities and strengthen the local tax base and economy

I. Fiscal Monitoring: Prepare and present regular reports that analyze, evaluate, and forecast the
Town’s financial performance and economic condition.

J. Financial Consultants: With available resources, seek out and employ the assistance of qualified
financial advisors and consultants in the management and administration of the Town’s financial
functions.

K. Accounting, Auditing, and Financial Reporting: Comply with prevailing Federal, State and local
statues and regulations. Conform to generally accepted accounting principles as promulgated
by the Government Accounting Standards Board (GASB), the American Institute of Certified
Public Accountants (AICPA), and the Government Finance Officers Association (GFOA).

L. Capital Improvement Plan/Budget and Program: Multi-year planning, forecasting, preparation,
and control of the Town’s capital improvement plan/budget.

M. Capital Maintenance and Replacement: Annually review and monitor the state of the Town’s
capital equipment and infrastructure, setting priorities for its replacement and renovation based
on needs, finding alternatives, and availability of resources.

N. Internal Controls: To establish and maintain an internal control structure designed to provide
reasonable assurances that the Town’s assets are safeguarded and that the possibilities for
material errors in the Town’s financial records are minimized.

III. OPERATING BUDGET
A. Preparation: Budgeting is an essential element of the financial planning, control and evaluation
process of municipal government. The “operating budget” is the Town’s annual financial
operating plan. The budget includes all of the operating departments of the Town, the debt
service fund, all capital projects funds, and the internal service funds of the Town. The
proposed budget will be prepared with the cooperation of all Town departments and is
submitted to the Town Manager who makes any necessary changes and transmits the
document to the Town Council. A budget preparation calendar and timetable will be established
and followed in accordance with State law.

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