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City of Burleson, Texas

FINANCIAL POLICY ST A TEMENTS

Adopted 7/10/2023

I. STATEMENT OF PURPOSE

The intent of the Financial Policy and Financial Management Policy is to enable the City
to achieve a long-term stable and positive financial condition. The guiding principles of
the City's financial management include integrity, prudent stewardship, planning,
accountability, and full disclosure.

The more specific purpose is to provide guidelines to Management in planning and
directing the City's finances and in developing recommendations to City Council.

The scope of the financial policies include the City’s investment, debt and continuing

disclosure policies covering areas such as accounting, auditing, financial reporting,
internal controls, operating and capital budgeting, revenue management, cash and
investment management, expenditure control, debt management, and planning
concepts, in order to:
a. present fairly and with full disclosure the financial position and results of financial
operations of the City in conformity to generally accepted accounting principles
(GAAP) as set forth by the governmental accounting standards board (GASB), and

b. determine and demonstrate compliance with finance related legal and contractual
issues in accordance with provisions of the Texas Local Government Code and
other pertinent legal documents and mandates.

II. GENERAL IMPLEMENTATION AND COMPLIANCE GUIDELINES

A. FINANCE COMMITTEE. The Finance Committee, the City Manager, and the Finance
Director shall be designated as the Finance Committee. The committee will meet
at least quarterly. The committee will report to the City Council on the next
Regular City Council meeting. The function of the committee will be:

1) Fiscal policy review
2) Auditor selection recommendation
3) Investment and Debt policy review and guidance
4) Long-range planning

B. ANNUAL REVIEW. Based upon the results and recommendations of the Finance
Committee review, the Council will annually approve the fiscal policies.

C. IMPLEMENTATION, COMPLIANCE, ACCOUNTABILITY AND REVIEW. The Finance
Director will be responsible for implementing these policies and will, to the best

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