Page 319 - CityofHasletFY25AnnualBudget

recurring revenues may be allocated to a specific fund(s) with the approval of the
City Council.

Property Tax Revenues. All real and business personal property located within the
City shall be valued at 100% of the fair market value for any given year based on the
current appraisal supplied to the City by the Appraisal Districts.

The adopted tax rate should not exceed the rollback rate as computed by Truth in
Taxation laws. Property tax revenues will be estimated based on the actual
percentage of collections for the prior year, net of any unusual or non-recurring
activity.

Sales Tax. Sales tax revenues projects shall be conservative due to the volatile
nature of this economically sensitive revenue source.

Utility Rates. The City will review and adopt utility rates periodically that will
generate revenues required to fully cover operating expenditures, meet the legal
restrictions of all applicable bond covenants, and provide for an adequate level of
working capital needs.

V. Expenditure Control

Appropriations. The level of budgetary control is the Department level budget in the
Governmental and Propriety Funds, and the Fund level in all other funds. Budget
appropriation amendments at lower levels shall be made in accordance with
applicable administrative procedures.

Purchasing. All City purchases and contracts shall conform to the City Purchasing
Policy.

Prompt Payment. All invoices are approved for payment by the proper City
authorities shall be paid by the Finance Department according to state law. The
Finance Director shall establish and maintain proper procedures which will enable
the City to take advantage of all purchase discounts, when possible, except in the
instance where payment can be reasonably and legally delayed in order to maximize
the City’s investable cash.

VI. Asset Management

Investments. The Finance Director shall promptly invest all City funds in accordance
the provisions in accordance with City Council approved Investment Policy

Fixed Assets and Inventory. These assets will be reasonably safeguarded, properly
account for and prudently insured.

City of Haslet Financial Policy

Haslet Adopted Budget FY 2024-2025 317