Page 104 - HaltomCityFY26Budget

City Of Haltom City Adopted Budget, FY2026 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