Page 359 - Microsoft Word - FY 2022 Adopted Budget Document

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FINANCIAL POLICIES (CONTINUED)
Disclosure

1. The City is committed to providing continuing disclosure of certain financial and operating data and material event notices
as required by Securities and Exchange Commission (SEC) Rule 15c2-12 and state statutes. The Finance Department
shall be responsible for the preparation of all disclosure documents and releases required under Rule 15c2-12 and state
statutes.

In Compliance: Yes Comments: All continuing disclosure requirements were met. FY20 Disclosure was posted on
EMMA on March 30, 2021.

2. Continuing disclosure will be reviewed by CMO, Financial Advisor, Bond Counsel, and Disclosure Counsel prior to release.
The filing shall be issued no later than 6 months following year-end. The filing shall be uploaded to EMMA (Electronic
Municipal Market Access website) and the City website.

In Compliance: Yes Comments: All continuing disclosure requirements were met. FY20 Disclosure was posted on
EMMA on March 30, 2021 after sign-off by CMO, FA, Bond Counsel, and Disclosure Counsel.

3. All material event notices (defined by the SEC) shall be filed according to SEC regulations after the occurring event.

In Compliance: Yes Comments: Refunding notices were filed.

Financial Transparency and External Reviews

1. The City is a recipient of the Texas Comptroller of Public Accounts Transparency Stars program that recognizes local
governments for going above and beyond their transparency efforts. The City has been awarded stars for each of the
following areas:
 Traditional Finances
 Contracts and Procurement
 Economic Development
 Public Pensions
 Debt Obligations

The City will annually update the website data to maintain the star designations.

In Compliance: Yes Comments: FY19 data complete; FY20 data to be updated by 9/1/2021.

2. As an additional independent confirmation of the quality of the City’s financial reports, the City will annually seek to obtain
the following awards from the Government Finance Officers Association:
 Certificate of Achievement in Financial Reporting for AFR
 Popular Annual Financial Reporting Award for PAFR
 Distinguished Budget Presentation Award for Annual Budget

In Compliance: Yes Comments: Received for FY19. Applications for FY20 submitted 3/2021.

3. As an additional independent confirmation of the quality of the City’s procurement practices, the City will annually seek to
obtain the Achievement of Excellence in Procurement Award from the National Procurement Institute.

In Compliance: Yes Comments: Received for FY19.

FY 2022 Adopted Budget and Business Plan 348 City of Arlington, Texas