HomeMy WebLinkAboutPackets - Council Packets (1612)Town Council Meeting
Regular Session
JuLy 7, 2021
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Council meeting will resume at or after x:xx p.m.
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Town Council Meeting
Announcements
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Upcoming Meetings
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FY 2021/22
Financial Policy Approval
July 7, 2021
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FY 2021/22 FINANCIAL POLICIES
GFOA recommends regular and systematic review, updating and approval of financial policies
Budget and Finance Commission performed comprehensive and thorough review over four separate meetings
New policy includes two separate policies that historically have stood on their own:
Investment Policy
PSPRS Pension Funding Policy
Financial policies are central to a strategic, long-term approach to financial management
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FINANCIAL POLICY PURPOSE
Institutionalize good financial management practices
Clarify and crystallize strategic intent for financial management
Define boundaries
Support good bond ratings and thereby reduce the cost of borrowing
Promote long-term and strategic thinking
Manage risks to financial condition
Comply with established public management best practices
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Structure and organization has been improved
Added Table of Contents
Added Policy Purpose, Scope, and Definitions
Added numerical structure for policy statements
New policies
Internal Controls
Grants
NOTABLE ITEMS
Major/Significant Policies Kept In Tact
25% of expenditures General Fund reserve
One-time revenues supporting one-time expenditures
10-year CIP
5-year operational forecast
Monthly financial reporting to Town Council
Quarterly CIP reporting to Town Council
Contingency reallocations requiring Town Council authorization
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Questions?
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Parks & Recreation Bond - Specific Projects
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Example: $21M Bond Financing Proposal
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