Page 522 - Southlake FY22 Budget

APPEnDIX

FInAnCIAL POLICIES

9.41. Financial Reports.

The City Manager shall submit to the Council at its second formal meeting each month the financial condition of the
City budget items and budget estimates versus accruals for the preceding month and for the fiscal year to date. Such
records are to be made public by the Council during open meeting. The financial records of the City will be maintained
in accordance with accepted principles recommended by the American Institute of Certified Public Accountants and by
the National Steering Committee on Governmental Accounting.

9.42. Independent Audit.

At the close of each fiscal year, and at such times as it may be deemed necessary, the Council shall cause an independent
audit to be made of all accounts of the City by a Certified Public Accountant. The Certified Public Accountant shall have
no personal interest, directly or indirectly, in the financial affairs of the City or any of its officers. Upon completion of
the audit, the audit shall be immediately posted on the City’s website in its entirety and copies of the audit placed on
file in the City Secretary’s office as a public record.

(Amended on November 6, 2007)

9.43. Purchasing.

The Council may, by ordinance, confer upon the City Manager general authority to contract for expenditures without
further approval of the Council for all budgeted items not exceeding limits set by the Council. All contracts for
expenditures involving more than the set limits must be expressly approved in advance by the Council. All contracts or
purchases involving more than the limits set, shall be let to the bidder whose submittal is among those most responsive
to the needs of the City after there has been opportunity for competitive bidding as provided by law or ordinance;
provided that the Council, or City Manager in such cases as he/she is authorized to contract for the City, shall have the
right to reject any and all bids.

Emergency contracts as authorized by law and this Charter may be negotiated by the Council, or City Manager if given
authority by the Council, without competitive bidding. Such emergency shall be declared by the City Manager and
approved by the Council or may be declared by the Council.

(Amended on November 6, 2007)

State Law References: Purchasing and contracting authority of municipalities, V.T.C.A., Local Government Code ch. 252.

9.44. Lapse of Appropriations.

Every appropriation, including capital expenditure, shall lapse at the close of the fiscal year to the extent that it has not
been extended or encumbered.

BUDGET BOOK | FY 2022 City of Southlake 521
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