Page 260 - ArlingtonFY24AdoptedBudget

Appendices

FINANCIAL POLICIES (CONTINUED)

Procurement

1. The primary governing authority for the City of Arlington’s Procurement Policy shall be the City’s Charter in conjunction with
Local Government Code Chapter 252, Purchasing and Contracting Authority of Municipalities.

In Compliance: Yes Comments: Procurement staff facilitates and reviews all purchases that fall under TLGC 252 per
Policy.

2. All procurement activity shall be governed by the Purchasing Manual, in accordance with applicable state and local
government codes.

In Compliance: Yes Comments: City wide purchasing procedures are based off the manual and policies. Updates to
the Procurement Policy to reflect recent changes to law and policy will take place in FY 2024.

3. Professional and consulting contracts anticipated to be greater than $50,000 shall be governed by the Purchasing Manual,
through the Finance Department and must have City Council approval before executed.

In Compliance: Yes Comments: Will be included in the FY 2024 updates to the Procurement Policy.

4. The City Manager or designee has the authority to approve a Request for Proposal process for estimated expenditures
below $1,000,000 for the length of the initial term of the contract.

In Compliance: Yes Comments: The Office of Procurement still requires RFPs anticipated over $1,000,000 have a
separate resolution and be presented before council for approval.

Investments

1. The governing authority for the City of Arlington’s Investment Policy shall be Chapter 2256 of the Texas Government Code,
cited as the Public Funds Investment Act and Chapter 2257 of the Texas Government Code, cited as the Collateral for
Public Funds.

In Compliance: Yes Comments: Investments comply with Ch. 2256 throughout FY 2023.

2. Investments shall be made in conformance with the City's Investment Policy, with the primary objectives of:
• Safety – preservation of capital in the investment portfolio;
• Liquidity – portfolio remain sufficiently liquid to meet operating requirements;
• Yield – goal of rate of return of exceeding TexPool fund

In Compliance: Yes Comments: All investments were secure, incurring no realized losses while meeting all City
cashflow needs throughout FY 2023.

3. The Investment Policy shall be approved by City Council each fiscal year.

In Compliance: Yes Comments: Policy was approved Sept. 13, 2022, for FY 2023

FY 2024 Adopted Budget and Business Plan 251 City of Arlington, Texas