Page 421 - FortWorthFY22AdoptedBudget

I. Authority

The Fort Worth City Council is responsible for legislation, policy formulation, and overall direction
setting of the government. This includes the approval of financial policies which establish and direct
the operations of the City of Fort Worth. The City Manager and Assistant City Managers are
responsible for carrying out the policy directives of the City Council and managing the day-to-day
operations of the executive departments, including the Department of Financial Management
Services. This policy shall be administered on behalf of the City Manager and the Assistant City
Managers by the Chief Financial Officer / Director of Finance.

II. Purpose:

This policy is intended to establish guidelines to manage the City's cash in such a manner so as to
ensure the safety of principal and interest, to meet the liquidity needs of the City, and to achieve the
highest reasonable market yield.

III. Scope:

This policy shall apply to all funds under the budgetary and fiscal control of the City Manager and
the Mayor and City Council.

IV. Glossary

See definitions related to this policy provided in the appendix.

V. Policy:

The Chief Financial Officer / Director of Finance shall administer the management of the City’s cash
as required under the Public Funds Investment Act (Texas Local Government Code Chapter 2256)
and the Collateral for Public Funds Act (Texas Local Government Code 2257). Specifically, this
policy mandates the pursuit of the following overall goals and objectives for cash management:

1. All aspects of cash management operations shall be designed to ensure the safety and
integrity of the City's financial assets.

2. Cash management activities shall be conducted in full compliance with prevailing local,
state, and federal regulations. Furthermore, such activities shall be designed to adhere to
guidelines, standards, and practices promulgated by such professional organizations as the
American Institute of Certified Public Accountants (AICPA), the Governmental
Accounting Standards Board (GASB), and the Government Finance Officers Association
(GFOA), whenever practicable.

3. Operating within appropriately established administrative and procedural parameters, the
City shall aggressively pursue optimum financial rewards, while simultaneously controlling
its related expenditures. Therefore, cash management functions that engender interaction
with outside financial intermediaries shall be conducted in the best financial and

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