Summary
To: Finance Advisory Board
From: Tina R Porter, Finance Director
Date: 1/17/2024
______________________________________________________________________
Subject:
Title
Proposed Update to Town Financial Management Policies - Policy statement to be provided on or before date of meeting.
Summary:
A revision is recommended to the current Town Financial Policies. At this time, an approval is not required but input is requested as the changes are significant. A final edition can be brought forward for approval in the April FAB meeting.
Body
Previous Commission Action: Commission approved last revision in February 2022
Background/Problem Discussion: A central set of financial policies assists the Town Commission, Advisory Boards and staff in researching guidance, discussing financial matters and providing continuity over time as elected officials and staff change.
Expenditure Challenges: N/A
Financial Implications: Financial Policies provide the foundation and framework for making financial decisions for the Town. The policies also assist in promoting sound financial management and assist in the Town’s stability, efficiency and effectiveness in carrying out financial matters.
Recommendation: N/A
Proposed Motion: NA