Page 434 - FY 2009 Proposed Budget

Financial/Economic Development

Goal 1: Continue Responsible Fiduciary Emphasis for the Organization and Council
Objective 1: Comply with all Financial Regulations and Policies
Project Performance Measure(s) City Service Team (Department)
Core Review of Citywide Financial Rating agencies ratings on City debt Finance
FED Policies
1.1.1
Summary:
Milestone Estimated Actual
On a regular basis, The City reviews its Financial Policies Completion Completion
and Principles to adjust for market changes, changes in Review all Policies 02/28/2018 Mar. 2018
best practices, and overall economic conditions to Develop draft changes 03/31/2018 Mar. 2018
maintain fiscal prudence. The last update to the Review by CMO 10/31/2020
principles was in 2008. The economy has substantially Make presentation to Fiscal 11/30/2020
changed in many ways and this initiative will take a Policy Committee
comprehensive look at updating or refining the policies City Council Adoption 12/31/2020
and principles to maintain our conservative financial
approach in the current economy.

Update:
The proposed financial policy edits are currently under
review by CMO.

Financial/Economic Development

Goal 1: Continue Responsible Fiduciary Emphasis for the Organization and Council
Objective 1: Comply with all Financial Regulations and Policies
Project Performance Measure(s) City Service Team (Department)
Core Implement Applicable GASB  GFOA Certificate of Excellence Finance (Accounting)
FED Statements for FY 2020  CAFR with clean opinion
1.1.2
Summary:
Milestone Estimated Actual
The Governmental Accounting Standards Board (GASB) Completion Completion
has issued multiple GASB statements that must be Read GASB statements and 6/30/2020 Complete
implemented over the next several fiscal years. The identify effective dates
Finance department will review and analyze each Create implementation 9/30/2020 Complete
statement and identify and implement reporting timeline for each
requirements timely and accurately. The GASB Identify reporting, disclosure, TBD FY 2021
statements include: and RSI requirements
 FY 2021 Implement required process TBD FY 2021
GASB 84 Fiduciary Activities changes
GASB 90 Major Equity Interests Draft changes need for CAFR TBD FY 2021
GASB 92 Omnibus 2020 External auditor review of TBD FY 2021
GASB 93 Replacement of Interbank Offered proposed CAFR updates
Rates

The anticipated impact of implementing the above Update:
statements includes increased staff time to analyze and
Reviewed GASB statements, identified next steps/timeline for
implement process changes, potential accounting implementation preparation.
consultation needs, and increased reporting
requirements.

83