Page 18 - City of Bedford FY22 Budget

Financial Policies

The Ci t y o f B edf o r d adher es t o ado pt ed po l i ci es f o r F i nanci al Manag em ent and Inv es t m ent t hat ar e r ev i ewed annual l y by t he
Ci t y Co unci l . A s um m ar y o f t he pur po s e o f each po l i cy i s o ut l i ned bel o w and t he f ul l po l i ci es can be v i ewed i n t he l i nked
do cum ent s .

Fin a n cia l Policie s

The i nt ent o f t he F i s cal and B udg et ar y Po l i cy S t at em ent s i s t o enabl e t he Ci t y t o achi ev e and m ai nt ai n a l o ng -t er m s t abl e and
po s i t i v e { nanci al co ndi t i o n. The wat chwo r ds o f t he Ci t y ’s { nanci al m anag em ent i ncl ude i nt eg r i t y , pr udent s t ewar ds hi p,
pl anni ng , acco unt abi l i t y , and f ul l di s cl o s ur e. The m o r e s peci { c pur po s e i s t o pr o v i de g ui del i nes f o r pl anni ng and di r ect i ng t he
Ci t y ’s day -t o -day { nanci al af f ai r s and i n dev el o pi ng r eco m m endat i o ns t o t he Ci t y Manag er and Ci t y Co unci l .

The s co pe o f t hes e po l i ci es i ncl udes :
acco unt i ng , audi t i ng and { nanci al r epo r t i ng ;
i nt er nal co nt r o l s ;
o perat i ng budg et m anag em ent ;
capi t al budg et and i m pr o v em ent pr o g ram s ;
as s et m anag em ent ;
r ev enue m anag em ent ;
expendi t ur e co nt r o l ;
{ nanci al co ndi t i o ns , r es er v es and s t abi l i t y rat i o s ;
debt m anag em ent ; and
S t af { ng and t rai ni ng .
Thes e po l i ci es ar e des i g ned t o bene{ t t he Ci t y by :
Ens ur i ng t he f ai r and f ul l di s cl o s ur e o f t he { nanci al po s i t i o n and t he r es ul t s o f { nanci al o perat i o ns i n co nf o r m i t y wi t h
G eneral l y Accept ed Acco unt i ng Pr i nci pl es ( G AAP) , and
Adher i ng t o co m pl i ance wi t h { nance r el at ed l eg al and co nt ract ual i s s ues i n acco r dance wi t h t he pr o v i s i o ns o f t he Texas
Lo cal G o v er nm ent Co de, t he Ci t y Char t er , and o t her appl i cabl e l eg al m andat es .

The Ci t y Co unci l annual l y r ev i ews and appr o v es t he F i s cal and B udg et ar y Po l i cy S t at em ent s as par t o f t he budg et pr o ces s .

I n ve stm e n t Policy
It i s t he po l i cy o f t he Ci t y o f B edf o r d, Texas , whi ch i ncl udes t he Ci t y o f B edf o r d S t r eet Im pr o v em ent Eco no m i c D ev el o pm ent
Co r po rat i o n, t hat af t er al l o wi ng f o r ant i ci pat ed cas h r equi r em ent s and g i v i ng due co ns i derat i o n t o s af et y , l i qui di t y and y i el d, al l
av ai l abl e f unds wi l l be i nv es t ed i n co nf o r m ance wi t h t he Inv es t m ent Po l i cy whi ch has been dev el o ped t o co nf o r m t o t he S t at e
o f Texas Publ i c F unds Inv es t m ent Act as am ended.
In addi t i o n, appl i cabl e r eco m m ended pract i ces publ i s hed by t he G o v er nm ent F i nance O f { cer s ’ As s o ci at i o n ( G F O A) hav e been
co ns i der ed t o ens ur e t hat B edf o r d’s i nv es t m ent act i v i t i es ar e co nduct ed wi t hi n t he f ram ewo r k o f s o und { s cal po l i cy .

City of Bedford, TX | Budget Book 2022 Page 18