Page 407 - FY 2026-2027 Adopted Budget Book

At the end of each fiscal year, a report on investment performance will be provided to the City
Council. In conjunction with the financial reports presented to Council, the director of the finance
department shall prepare and provide a written recapitulation of the City’s investment portfolio to
the Council, detailing each City investment instrument with its rate of return and maturity date.

CASH/TREASURY MANAGEMENT. Periodic review of cash flow position will be performed
to determine performance of cash management and investment policies. A detailed policy structure
will be followed with respect to Cash/Treasury Management. The underlying theme will be that
idle cash will be invested with the intent to (1) safeguard assets, (2) maintain liquidity and (3)
maximize return. Where legally permitted, pooling of investments may be done. The City will
adhere to the investments authorized through the City Council approved investment policies.

The City’s cash flow will be managed to maximize the cash available to invest. Such cash
management will entail the centralization of cash collections, where feasible, including property
tax payments, utility bills, building and related permits and licenses, and other collection offices
as appropriate.

FIXED ASSETS AND INVENTORY. These assets will be reasonably safeguarded, properly
accounted for, and prudently insured.

A fixed asset of the City shall be defined as a purchased or otherwise acquired piece of equipment,
vehicle, furniture, fixture, capital improvement, addition to existing capital investments, land or
buildings, with the cost or value of such acquisition being $10,000 or more with an expected useful
life greater than one year.

The City’s fixed assets shall be reasonably safeguarded, properly accounted for and sufficiently
insured. Responsibility for the safeguarding of the City’s fixed assets lies with the Department
Director in whose department the fixed asset is assigned. The Finance Division shall supervise the
marking of fixed assets with City numbered property tags and shall maintain the permanent records
of the City’s fixed assets including description, cost, department of responsibility, date of
acquisition, depreciation and expected useful life. The Finance Division shall also perform an
annual inventory of assets using random sampling at the department level. Such inventory shall
be performed by the director of the finance department or his/her designee in the presence of
designated department personnel from the department of responsibility.

VII. CAPITAL BUDGET AND PROGRAM

PREPARATION. The City’s capital budget will include all capital project funds and all capital
resources. The budget will be prepared annually. The capital budget will be prepared as directed
by the City Manager with the involvement of all required City departments.

CONTROL. All capital project expenditures must be appropriated in the capital budget. The
Finance Division must certify the availability of resources so any appropriation can be made before
a capital project contract is presented to the Council for approval.

PROGRAM PLANNING. The capital budget will be taken from capital improvement program
plans for future years. The planning time must be at least five years. The replacement and
maintenance for capital items should also be projected for the next five years. Future maintenance
and operational costs will be considered so that these costs can be included in the operating budget.