Page 396 - City of Westlake FY20 Budget

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 Government Finance Officers Association
Certificate of Achievement program. The auditors’ report on Town’s financial statements will be
completed within a timely period of the Town’s fiscal year-end. The auditor will jointly review the
management letter with the Town Council, if necessary. In conjunction with this review, the
Finance Director shall respond in writing to the Town Council regarding the auditor’s Management
Letter, addressing the issued contained therein. The Town will not require auditor rotation but
will circulate request for proposal for audit services on a periodic basis as deemed appropriate.

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