Page 86 - CityofBurlesonFY26Budget

City of Burleson, Texas
FINANCIAL POLICY STATEMENTS

June 16, 2025

I. STATEMENT OF PURPOSE

The intent of the Financial 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 the City Council.

The scope of the financial policies includes 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 committee will meet at least four times a year. The
committee will report to the City Council at a 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
5) Financial Report review

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
of his or her knowledge, make the City Manager, Finance Committee and the City

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