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File #: 22-638    Version: 1
Type: Consent Status: Approved
File created: 8/18/2022 Meeting Body: City Council
On agenda: 9/6/2022 Final action: 9/6/2022
Title Search: Consider a resolution adopting the 2022 City of Keller Financial Management, Investment, Purchasing, and Fund Balance Policies as approved and recommended by the City of Keller Finance Committee.
Attachments: 1. 090622_Financial Policies RESOLUTION NO. 4546, 2. 090622_Proposed Financial Management Policy, 3. 090622_Proposed Investment Policy, 4. 090622_Proposed Purchasing Policy, 5. 090622_Proposed Fund Balance Policy
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To:                     Mark R. Hafner, City Manager

From:                     Aaron Rector, Director of Administrative Services

Subject:                     

Title

Consider a resolution adopting the 2022 City of Keller Financial Management, Investment, Purchasing, and Fund Balance Policies as approved and recommended by the City of Keller Finance Committee.

Body

 

Background:                     

As part of the Financial Management policy and Investment policy requirements, Council annually reviews and adopts the Financial Management, Investment, Purchasing, and Fund Balance Policies.  The policy reviews helps ensure the policies are up to date, meet regulatory requirements such as the Public Funds Investment Act (PFIA), and reflect best practices.  The Financial Management corrects the name of the Annual Comprehensive Financial Report (ACFR) and a typo.  The Investment policy has no changes.  The Purchasing policy reflects changes to the purchasing card policy and corrects typos in the Section 3.5 table.  The Fund Balance corrects format to the Self-Insurance fund. 

                                          

Financial Impact:

N/A

 

Citizen Input/Board Review:                     

The City of Keller Finance Committee reviewed and approved the proposed policy revisions at their meeting on August 16, 2022. 

 

Legal Review:                       

Not applicable.

 

Alternatives:                     

City Council has the following alternatives:                       

-                     Approve as submitted

-                     Approve with changes

-                     Denial

 

Council Action:                     

Staff recommends approval of the proposed resolution as presented.