To: Aaron Rector, Interim City Manager
From: Aaron Rector, Interim City Manager
Subject:
Title
Consider a resolution adopting the 2024 City of Keller Financial Management, Investment, Purchasing, and Fund Balance Policies as approved and recommended by the City of Keller Finance Committee.
Action Requested:
Consider a resolution adopting the 2024 City of Keller Financial Management, Investment, Purchasing, and Fund Balance Policies as approved and recommended by the City of Keller Finance Committee.
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.
For the Financial Management Policy, there has been a clarification to section 2.11 for unbudgeted revenue source.
For the Investment Policy, policies have been updated to allow Credit Unions to be considered for investment opportunities.
For the Purchasing Policy, the policies have been updated to clarify when a purchase order is required and allow for a Division Manager designee for purchases under $10,000.
For the Fund Balance Policy, the proposal increases the General Fund maximum by 5% and changes the KDC debt requirement from 10% to 25%.
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 20, 2024.
Legal Review:
N/A
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.