Laserfiche WebLink
City„ <br />Louisville <br />COLORADO • SINCE 1878 <br />CITY COUNCIL COMMUNICATION <br />ATTACHMENT <br />SUBJECT: <br />DATE: <br />FINANCIAL POLICIES <br />SEPTEMBER 21, 2015 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />The City of Louisville's Fiscal Policies were originally adopted in 1984. The last <br />significant amendment was made in 1997. Each year, the Fiscal Policies are presented <br />in the City's final budget document. The most recent 2015 Annual Operating & Capital <br />Budget document includes the Fiscal Policies on pages 44 through 49. The current <br />Fiscal Policies are divided into general policies, debt policies, revenue policies, <br />operating budget policies, reserve policies, capital improvement policies, investment <br />policies, accounting policies, and fund balance policies. A copy of the current Fiscal <br />Policies is attached for reference. <br />One of the Finance Department's goals for 2015 is to update and modernize the Fiscal <br />Policies. The Finance Committee has reviewed preliminary drafts of the Finance <br />Department's proposed policies and has recommended discussion with the entire City <br />Council. A draft of the new Financial Policies that will eventually replace the current <br />Fiscal Policies was presented at the June 9 Budget Retreat. <br />Based on comments at the Budget Retreat, attached is an amended second draft of the <br />proposed Financial Policies. The proposed policies include an Introduction section and <br />the following policy sections: <br />1. General Policies <br />2. Reserve Policies <br />3. Debt Policies <br />4. Revenue Policies <br />5. Operating Budget Policies <br />6. Investment Policies <br />7. Capital Asset Management Policies <br />8. Accounting, Auditing, and Financial Reporting Policies <br />The proposed Debt Policies have been reviewed by the City's Financial Advisor and the <br />proposed Investment Policies has been reviewed by the City's Investment Advisor. The <br />City's Investment Policy was substantially updated and modernized in 2012, so there <br />are no proposed amendments at this time. <br />Future policy sections under consideration include long -term financial planning, internal <br />controls, risk management, and an update to the current procurement policy. <br />CITY COUNCIL COMMUNICATION <br />4 <br />