Page 125 - Pantego FY22 Operating Budget

information needed to update the Official Statement. At least eight (8) weeks prior to
an anticipated bond issuance.

H. DEBT REFUNDING – Town staff and the financial advisor shall monitor the municipal
bond market for opportunities to obtain interest savings by refunding outstanding debt.
A proposed refunding debt, for interest cost savings, should provide a present value
benefit as a percent of refunded principal of at least 5%.

XI. INTERNAL CONTROLS

A. WRITTEN PROCEDURES. Written procedures will be established and maintained by
the Finance Director for all functions and financial cycles including cash handling and
accounting throughout the Town. These procedures will embrace the general concepts
of fiscal responsibility set forth in this policy statement.

B. DEPARTMENTAL DIRECTORS/ MANAGERS RESPONSIBILITY. Town administrators
and manager/supervisors are charged with the responsibility for establishing a network
of processes with the objective of controlling the operations of the Town in a manner
which provides reasonable assurance that:

1. Data and information published either internally or externally is accurate, reliable,
complete, and timely.
2. The actions of administrators and employees are in compliance with the Town’s
plans, policies and procedures and all relevant laws and regulations.
3. The Town’s resources including its people, systems, data/information, assets,
and citizens are adequately protected.
4. Resources are acquired economically and employed effectively.
5. The Town’s internal controls promote the achievement of plans, programs, goals,
and objectives.

Each Department Manager/Director is responsible to ensure that good internal controls
are followed throughout his/her department, that all Finance Department directives or
internal controls are implemented and that all independent auditor internal control
recommendations are addressed.

XII. STAFFING AND TRAINING

A. ADEQUATE STAFFING. Staffing levels will be adequate for the fiscal functions of the
Town to operate effectively. Overtime shall be used only to address temporary or
seasonal demands that require excessive hours. Workload shedding alternatives will be
explored before adding staff.

B. TRAINING. The Town will support the continuing education efforts of all financial staff
including the investment in time and materials for maintaining a current perspective
concerning financial issues. Staff will be held accountable for communicating, teaching,
sharing with other staff members all information and training materials acquired from
seminars, conferences, and related education efforts.

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