Page 48 - City of Bedford FY21 Budget

CITY OF BEDFORD
FISCAL AND BUDGETARY POLICY STATEMENTS

I. STATEMENT OF PURPOSE

The intent of the following Fiscal and Budgetary Policy Statements is to enable the City to
achieve and maintain a long-term stable and positive financial condition. The watchwords of the
City’s financial management include integrity, prudent stewardship, planning, accountability,
and full disclosure.

The more specific purpose is to provide guidelines for planning and directing the City’s day-to-
day financial affairs and in developing recommendations to the City Manager and City Council.

The scope of these policies includes:

• accounting, auditing and financial reporting;
• internal controls;
• operating budget management;
• capital budget and improvement programs;
• asset management;
• revenue management;
• expenditure control;
• financial conditions, reserves and stability ratios;
• debt management; and
• Staffing and training.

These policies are designed to benefit the City by:

• Ensuring the fair and full disclosure of the financial position and the results of
financial operations in conformity with Generally Accepted Accounting Principles
(GAAP), and
• Adhering to compliance with finance related legal and contractual issues in
accordance with the provisions of the Texas Local Government Code, the City
Charter, and other applicable legal mandates.

The City Council will annually review and approve the Fiscal and Budgetary Policy Statements
as part of the budget process.

II. ACCOUNTING, AUDITING AND FINANCIAL REPORTING

ACCOUNTING. The city is solely responsible for the reporting of its financial affairs, both
internally and externally. The Director of Administrative Services is the City’s Chief Fiscal
Officer and is responsible for establishing the Chart of Accounts and for properly recording
financial transactions.

AUDITING. In conformance with the City’s Charter and according to the provisions of the
Texas Local Government Code, Title 4, Chapter 103, the City will be audited annually by
outside independent accountants (auditor). The auditor must be a CPA firm of regional

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