Page 64 - Burleson FY22 City Budget

a. Two employees designated on Group A of Attachment “A” must approve wire transfers to
designated investment pools.

b. Any revision, addition or deletions to the list of designated investment pools shall require
the approval of two individuals designated in Group B of Attachment “A”. Copies of
additions, deletions, and changes will be provided to the Finance Committee at their next
regularly scheduled meeting.

4. PAYING AGENTS

a. Two individuals designated on Group A of Attachment “A” must approve wire transfers to
designated paying agents.

b. Any revision, addition or deletion to the list of designated paying agents will require the
approval of two individuals designated in Group B of Attachment “A”. Such approval shall
not be necessary when supplementary information unrelated to the accounts varies. For
example, the paying agent may request that the wire include a notation that the transaction
is to the attention of a certain individual. So long as the wire is the benefit of an authorized
account, such clarifying information is permissible. Copies of additions, deletions, and
changes will be provided to the Finance Committee at their regular scheduled meeting.

5. MISCELLANEOUS
a. Wire transfers to any party not involving a security purchase destined for custodial
safekeeping with an approved organization, or to an authorized investment pool, or to an
authorized paying agent, shall require the approval of two authorized individuals in Group
B of Attachment “A”. Copies of such transactions will be provided to the Finance
Committee at their next regularly scheduled meeting.

6.

VII. ASSET MANAGEMENT

A. INVESTMENTS. The Finance Director shall promptly invest all City funds with the Bank Depository in accordance with
the provisions of the current Bank Depository Agreement or in any negotiable instrument that the Council has
authorized under the provisions of the Texas Public Funds Investment Act and in accordance with the City Council
approved Investment Policy.

B. CASH MANAGEMENT. The City's cash flow will be managed to maximize the cash available to invest. Such cash
management will entail the centralization of cash collections, where feasible, including property tax payments, utility bills,
municipal fines, building and related permits and licenses, and other collection offices as appropriate. Cycle billing will
be used where appropriate.

C. FIXED ASSETS AND INVENTORY. These assets will be reasonably safeguarded and properly accounted for, and
prudently insured. A fixed asset of the City shall be defined as a purchased or otherwise acquired piece of equipment,
vehicle, furniture, fixture, capital improvement, addition to existing capital investments, land, buildings or accessioned
Library materials. The cost or value of any such acquisition must be $5,000 or more within an expected useful life greater
than one year. All City departments with inventory are required to conduct a physical inventory under their control on an
annual basis.
D. DEPOSITORIES The City Council, having given due consideration to all of its options and taking into consideration what
is in the best interest of the municipality, hereby authorizes the consideration of applications of depositories not doing

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