Page 18 - Bedford-FY23-24 Budget

Financial Policies
The City of Bedford adheres to adopted policies for Financial Management and Investment that are reviewed annually by the
City Council. A summary of the purpose of each policy is outlined below and the full policies can be viewed in the linked
documents.

Financial Policies
The intent of the Fiscal and Budgetary Policy Statements is to enable the City to achieve and maintain a long-term stable and
positive nancial condition. The watchwords of the City’s nancial management include integrity, prudent stewardship,
planning, accountability, and full disclosure. The more speci c purpose is to provide guidelines for planning and directing the
City’s day-to-day nancial affairs and in developing recommendations to the City Manager and City Council.

The scope of these policies includes:
accounting, auditing and nancial reporting;
internal controls;
operating budget management;
capital budget and improvement programs;
asset management;
revenue management;
expenditure control;
nancial conditions, reserves and stability ratios;
debt management; and
grant management.
These policies are designed to bene t the City by:
Ensuring the fair and full disclosure of the nancial position and the results of nancial operations in conformity with
Generally Accepted Accounting Principles (GAAP), and
Adhering to compliance with nance related legal and contractual issues in accordance with the provisions of the Texas
Local Government Code, the City Charter, and other applicable legal mandates.

The City Council annually reviews and approves the Fiscal and Budgetary Policy Statements as part of the budget process.

Investment Policy
It is the policy of the City of Bedford, Texas, which includes the City of Bedford Street Improvement Economic Development
Corporation, that after allowing for anticipated cash requirements and giving due consideration to safety, liquidity and yield, all
available funds will be invested in conformance with the Investment Policy which has been developed to conform to the State
of Texas Public Funds Investment Act as amended.
In addition, applicable recommended practices published by the Government Finance Of cers’ Association (GFOA) have been
considered to ensure that Bedford’s investment activities are conducted within the framework of sound scal policy.

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 18