Page 178 - PowerPoint Presentation

X. ECONOMIC DEVELOPMENT
A. Positive Business Environment - The Town shall endeavor, through its regulatory and
administrative functions, to provide a positive business environment in which local businesses
can grow, flourish and create jobs. The Town Council and Town staff will be sensitive to the
needs, concerns and issues facing local businesses.

B. Commitment to Business Expansion, Diversification, and Job Creation - The Town shall
encourage and participate in economic development efforts to expand Westlake's economy to
increase local employment. These efforts shall not only focus on newly developing areas but
also on other established sections of Westlake where development can generate additional
jobs and other economic benefits.

C. Coordinate Efforts with Other Jurisdictions - The Town's economic development program shall
encourage close cooperation with other local jurisdictions, chambers of commerce, and groups
Interested in promoting the economic well-being of this area.

D. Cost/Benefit of Incentives for Economic Development - The Town will use due caution in the
analysis of any tax or fee incentives that are used to encourage economic development. A
cost/benefit (fiscal impact) analysis will be performed as part of such evaluation for each
prospect. Economic development agreements will contain performance language as to the
business’s proposed economic impact to Westlake in exchange for Town incentives with
adequate “claw-back” provisions for the Town.

XI. FISCAL MONITORING
A. Financial Status and Performance Reports - Quarterly reports comparing expenditures and
revenues to current budget, projecting expenditures and revenues through the end of the year,
noting the status of fund balances to include dollar amounts and percentages, and outlining
any remedial actions necessary to maintain the Town's financial position shall be prepared for
review by the Town Manager and the Council.

B. Compliance with Council Policy Statements - The Fiscal and Budgetary Policies will be
reviewed annually by the Council and updated, revised or refined as deemed necessary. Policy
statements adopted by the Council are guidelines, and occasionally, exceptions may be
appropriate and required. However, exceptions to stated policies will be specifically identified,
and the need for the exception will be documented and fully explained.

XII. FINANCIAL CONSULTANTS
To employ the assistance of qualified financial advisors and consultants as needed in the
management and administration of the Town's financial functions. These areas include but are not
limited to investments, debt administration, financial accounting systems, program evaluation, and
financial impact modeling. Advisors shall be selected on a competitive basis using objective
questionnaires and requests for proposals based on the scope of the work to be performed.

XIII. ACCOUNTING, AUDITING, AND FINANCIAL REPORTING
To comply with prevailing local, state, and federal regulations relative to accounting, auditing, and
financial reporting. Accounting practices and financial reporting shall conform to generally
accepted accounting principles as promulgated by the Governmental Accounting Standards Board
(GASB), the American Institute of Certified Public Accountants, (AICPA), and the Government
Finance Officers Association (GFOA). The Board shall select an independent firm of certified public
accountants to perform an annual audit of all operations

A. Accounting – The Town is solely responsible for the recording and reporting of its financial
affairs, both internally and externally. The Town’s Finance Director is responsible for
establishing the structure for the Town’s chart of accounts and for assuring that procedures are
in place to properly record financial transactions and report the Town’s financial position.

151