Page 432 - Microsoft Word - FY 2021 tax info sheet

4.7 Use of impact fee revenue for debt will be evaluated during each budget year. The
amount of impact fees being used for debt service shall be fully disclosed in the annual budget.

4.8 Debt issuance is costly, time-consuming and should be done no more than once a year
if possible.

4.9 The percentage of the tax rate designated for debt service purposes should not exceed
thirty percent (30%) of the total tax rate.

5. Financial Reporting.

5.1 An annual independent financial audit shall be performed by a properly licensed inde-
pendent public accounting firm, and results of this audit will be presented to the City Council by
March 31 of the following year in the form of a Comprehensive Annual Financial Report (CAFR),
in accordance with generally accepted accounting principles (GAAP) and GFOA requirements,
unless delayed by extenuating circumstances and an extension has been granted by GFOA.

5.2 The City will strive to receive and retain the Certificate of Achievement for Excellence in
Financial Reporting awarded annually by the Government Finance Officers Association of the
United States and Canada (GFOA).

5.3 Timely interim financial reports will be produced for department managers for internal
purposes. Departmental reports comparing budget to actual amounts shall be prepared by the
Finance Department in a timely manner.

5.4 Financial reports including capital project updates shall be prepared on at least a
quarterly basis and made available to the City Council in a condensed format. After presentation
of the report to the City Council, the report shall be made available for public inspection.

5.5 Every three to five years, the City will issue requests for proposal to choose an auditor
for a period not to exceed five years.

6. Purchasing.

6.1 The City Manager or designee shall be responsible for maintaining a written purchasing
policy in accordance with State statutes and City Ordinances. The policy shall be approved by
City Council.

7. Cash and Investments.

7.1 The Director of Administrative Services or designee shall be responsible for maintaining
written administrative procedures for all areas of cash and investments, in accordance with State
statutes, City ordinances and these policies.

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