Page 24 - Kennedale Budget FY21

FINANCIAL POLICIES and procedures

Financial policies, adopted by Council, govern the management of the City’s various funds. These policies
have enabled the City to maintain an AA- uninsured rating with Standard & Poor’s (S&P). Adopted
Financial Policies address Budget Amendments for Expenditures; Budget Amendments for Revenues;
Budget Transfers for Expenditures; Budget Transfers for Revenues; and Investments. The City of

Kennedale has also established policies and procedures for Deposits; Deferred Revenue; Disposal
of Assets; Purchasing; Petty Cash; Acceptance of Checks; Change Drawer Fund; Purchasing (Procurement)
Cards; Contracts; and Returned Checks.

The City has developed financial policies to ensure that the City’s financial resources are managed in a
prudent manner. The City maintains the goal of a structurally balanced budget to achieve long-term finan-

cial stability for the community. Current revenue will be sufficient to support current operating expendi-
tures plus recurring capital (defined as “balanced budget”). Unreserved fund balances of 18 to 25% of
budgeted annual operating expenditures are to be maintained in the General Fund. Additional fund balance
can be used for non-recurring capital expenses.

However, if projected revenue in future years is not sufficient to support projected requirements, an
unreserved ending balance may be budgeted to achieve structural balance. This year’s budget is also
reviewed in respect to how the decisions made this year will affect the City’s revenues and expenditures in

the following years.

The City’s pertinent Financial Policies are included in the Appendix Section of this document. All of the
policies are available online at www.cityofkennedale.com/FINpolicies.

Staff VALUES STATEMENT

Exemplifying Excellence means a dedication to providing superior services efficiently and fairly to
residents, business owners, visitors, and fellow employees. All decisions promote quality of life through
leadership, honesty, respect, teamwork, and equality; and aim to consistently advance Kennedale in a
positive direction. This Values Statement is supported by the Core Values of integrity, accountability,
teamwork, innovation, and commitment.

ENDS STATEMENT

Kennedale is a family-oriented community providing refuge from the hectic pace of the Dallas-Fort Worth
(DFW) Metroplex. Open spaces, green belts, and trails enhance our serenity, quality of life, and

community. With easy access from major roadways, Kennedale is economically prosperous, business
friendly, and conveniently located – providing opportunities to shop, work, and play.

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