Page 155 - HaltomCityFY25Budget

City Of Haltom City Annual Budget, FY2025 Supplemental Information

City of Haltom City Financial Management Policies

Purpose

The financial management policies of the City of Haltom City are designed to ensure the financial
integrity of the City’s government and assist the City in achieving the following objectives:

• Deliver quality basic City services that meet the needs and desires of the citizens.
• Provide a financial base sufficient to maintain or enhance City assets required to support
community service demands.
• Adapt to constantly changing needs, desires, and service requirements of the City.
• Prudent and professional financial management practices to assure residents of Haltom
City and the financial community that City government is well-managed and in sound
fiscal condition.
• Providing cost-effective services to citizens through cooperation with other government
entities.
• An adequate capital improvement program that maintains and enhances the public’s
assets.

General Goals

1. Audit
o The City will follow a five-year review of an outside (independent) auditor as
provided in the City Charter. The auditors must demonstrate breadth and depth
of staff necessary to handle the City’s audit in a timely manner. The audited
financial statements shall be submitted to the City Council within 180 days of the
close of the fiscal year.
o In compliance with City Policy, a committee of four (4) members of the City Council
will be selected to operate as the City Council Audit Committee. Three of the
members are active members, and the fourth serves as an alternate. This
committee reviews the financial statements and audit findings with the
independent outside auditors and recommends Council action concerning the
audited financial statements.
2. Annual/Interim Reporting
o Annual reporting will be completed within the guidelines set forth in the
Governmental Accounting and Auditing Financial Review and under the standards
promulgated by the Governmental Accounting Standards Board.
o Interim activity reports will be made available to the council and management
each quarter.
o Financial systems will be maintained to monitor expenditures and revenues on a
monthly basis with a thorough analysis and adjustment as required.
o Budgets for all funds are adopted on a basis consistent with generally accepted
accounting principles (GAAP). Annual appropriated budgets are adopted for most
funds. All annual appropriations remain open for 60 days subsequent to year-end.