Page 514 - FortWorthFY23AdoptedBudget

Internal Controls

I. Authority

The Fort Worth City Council is responsible for legislation, policy formulation, and overall direction
setting of the government. This includes the approval of financial policies which establish and direct
the operations of the City of Fort Worth. The City Manager and Assistant City Managers are
responsible for carrying out the policy directives of the City Council and managing the day-to-day
operations of the executive departments, including the Department of Financial Management
Services. This policy shall be administered on behalf of the City Manager and Assistant City
Managers by the Chief Financial Officer / Director of Finance.

II. Purpose:

This policy is intended to establish guidelines to maintain an internal control structure designed
to provide reasonable assurance that City assets are safeguarded and that the possibilities for
material errors in the City’s financial records are minimized.

III. Scope:

This policy shall apply to all funds under the budgetary and fiscal control of the City Manager and the
Mayor and City Council.

IV. Glossary

See definitions related to this policy provided in the appendix.

V. Policy:

A. Proper Authorizations

Procedures shall be designed, implemented and maintained to ensure that financial
transactions and activities are properly reviewed and authorized.

B. Separation of Duties

Job duties will be adequately separated to reduce, to an acceptable level, the opportunities
for any person to be in a position to both perpetrate and conceal errors or irregularities
in the normal course of assigned duties.

C. Proper Recording

Procedures shall be developed and maintained that will ensure financial transactions and
events are properly recorded, and that all financial reports may be relied upon as accurate,
complete and up-to-date.

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