Summary
To: Finance Advisory Board
From: Tina R Porter
Date: 5/14/2024
______________________________________________________________________
Subject:
Title
Financial Management Policies Update
Summary:
Financial Management Policies Update
.End
Body
Previous Commission Action: The Town Commission approved the current Financial Management Policies in February 2022. The draft of the revision was provided to the FAB in previous 2024 meetings for discussion and review.
Background/Problem Discussion: Due to changes in organizational management, GASB, and accounting structure, policy updates are required to be more comprehensive
Expenditure Challenges NA
Financial Implications: These policies will serve as a central reference point for Commission, Advisory Boards and Staff in relation to financial management of the Town, saving time and energy when discussing financial matters and will provide the basic financial foundation and framework for financial decisions facing the Town. The suggested change to the fund balance policy will affect future budget decisions.
Recommendation: I recommend acceptance of amended financial management policies for presentation to the Town Commission.
Proposed Motion I move for acceptance of financial management policies for presentation to the Town Commission.