Summary
To: Gay Lancaster, Town Manager
From: Tina Porter, Finance Director
Date: 5/14/2024
______________________________________________________________________
Subject:
Title
Financial Management Policies Revision
Summary:
The Finance Advisory Board has reviewed and recommended approval of the changes to revised Financial Management Policies.
End
Body
Previous Commission Action: The Town Commission approved the last version of the Financial Management Policies in February 2022.
Background/Problem Discussion: Due to changes in organizational management, GASB, accounting structure updates, and annual operating costs, financial policy revisions are proposed to be more comprehensive and promote financial stability for the Town.
Expenditure Challenges: NA
Financial Implications: These policies will serve as a central reference point for the Commission, as well as its Advisory Boards and Staff, in relation to financial management of the Town, saving time and energy when discussing financial matters. They will provide the basic financial foundation and framework for financial decisions facing the Town. The proposed changes to the fund balance policy for the Enterprise funds may affect future budget decisions.
Recommendation: I recommend approval of the revised Financial Management Policies.
Proposed Motion I move for approval of the revised Financial Management Policies.