Page 72 - N. Richland Hills General Budget

INTRODUCTION

 Fund Balance Policy: The City maintains a fund balance policy that requires the General Fund to maintain
a minimum unassigned fund balance that is no less than 15% of the subsequent year’s General Fund
Appropriated Expenditure budget.

 Vacancy Savings Policy: Budgetary savings related to vacant positions will be swept on a quarterly basis
into Non-Departmental within each major fund in accordance with the vacancy savings policy.

 Budget Transfer Policy: The City Manager is authorized to make inter-departmental and inter-fund transfers
during the fiscal year as deemed necessary in order to avoid over-expenditure of particular accounts
(Ordinance No. 3531). Transfers are identified, justified, and approved through the use of the Operating and
Capital Budget Adjustment Forms.

 Investment Policy: The City Council adopts the Investment Policy on an annual basis. The policy document
sets specific investment policy and strategy guidelines for the City of North Richland Hills. The City shall
manage and invest its cash with four primary objectives, listed in the order of priority: safety, liquidity, public
trust, and yield, expressed as optimization of investment income. The safety of the principal invested always
remains the primary objective. All investments shall be designed and managed in a manner responsive to
the public trust and consistent with state and local law.

 Procurement Policy: All procurement activities are required to adhere to the City’s Procurement Manual
and State Statute. The policy identifies the requirements to seek informal bids for procurements $3,000 to
$49,999 from two historically underutilized businesses and one North Richland Hills vendor (when available).
Procurements $50,000 and up must be procured through the formal sealed bid/proposal process and be
publicly advertised.

BOND RATING INFORMATION

The City continues to maintain excellent credit ratings. The presently outstanding general obligation debt of the
City is rated “AA2” by Moody’s and “AA+” by Standard & Poor’s.

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