Page 151 - Haltom City FY 22 Budget

CITY OF HALTOM CITY ANNUAL BUDGET, FY2022 Supplemental Information

FINANCIAL MANAGEMENT POLICIES

Purpose:

City staff works with City Council each budget year in the early stages of strategic planning to
review or update any financial management policies. These policies are adopted yearly during the
adoption of the City’s Fiscal Year Budget. These policies are also subject to be changed or updated
as needed throught the fiscal year. The financial management policies of the City are designed to
ensure the financial integrity of the City’s government and assist the City in achieving the following:

A. Quality basic City services that meet the needs and desires of the citizens.
B. A financial base sufficient to maintain or enhance City assets required to support community
service demands.

C. Responsiveness to constant changing needs, desires and service requirements of the City.

D. Prudent and professional financial management practices to assure residents of Haltom
City and the financial community that City government is well managed and in sound fiscal
condition.
E. Cost effective services to citizens through cooperation with other government entities.

F. An adequate capital improvement program that maintains and enhances the public’s assets.

General Goals

Audit. The City will follow a five-year review of an outside (independent) auditor as provided in the
City Charter. The auditors must demonstrate breadth and depth of staff necessary to handle the
City’s audit in a timely manner. The audited financial statements shall be submitted to the City
Council within 180 days of the close of the fiscal year.

In compliance with City Policy, a committee of four (4) members of the City Council will be selected
to operate as the City Council Audit Committee. Three of the members are active members and
the fourth serves as an alternate. This committee reviews the financial statements and audit
findings with the independent outside auditors and recommends Council action concerning the
audited financial statements.