Page 197 - PowerPoint Presentation

POLICIES PENDING DISCUSSION

The Town of Westlake has identified additional policies to review and discuss with Town Council.
These policies (recommended by GFOA) are designed to further preserve and enhance the fiscal
health of the Town.

I. BUDGET CRISIS POLICY
This policy establishes a more formal plan for the Town when budget problems or
unexpected financial issues arise. This policy shall be designed to establish comprehensive
risk analysis and contingency plans.

II. LONG-TERM FORECASTING POLICY
The purpose of this policy is to:
 Ensure on-going financial sustainability beyond a single fiscal year;
 Achieve the Town’s mission, vision and values; and
 Systematically link the annual budget to a multi-year master financial plan.

III. FUND BALANCE/WORKING CAPITAL POLICY FOR OTHER FUNDS
This policy would describe how the Town uses fund balance/working capital for restricted or
committed for specific purposes.

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