City Council Agenda and Packet 2018 10 04 SP

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11: City,/ im Louisville COLORADO • SINCE 1878 CITY COUNCIL COMMUNICATION AGENDA ITEM 2C SUBJECT: RECOMMENDATIONS FOR AMENDMENTS TO FINANCIAL POLICIES DATE: OCTOBER 4, 2018 PRESENTED BY: HEATHER BALSER, CITY MANAGER KEVIN WATSON, FINANCE DIRECTOR SUMMARY: The City of Louisville's initial Fiscal Policies were adopted in 1984 and were updated intermittently until 1997. In 2015, staff updated and modernized the policies. Staff worked closely with the Finance Committee and on December 15, 2015, the City Council formally approved the new Financial Policies by Resolution 92, Series 2015. The approved policies include an Introduction section and the following policy sections: 1. General Policies 2. Reserve Policies 3. Debt Policies 4. Revenue Policies 5. Operating Budget Policies 6. Investment Policies 7. Capital Asset Investment & Management Policies 8. Accounting, Auditing, and Financial Reporting Policies The process for developing the polices included a review of the Government Finance Officers Association's (GFOA's) Best Practices and other GFOA literature on each subject matter. It also included a review of GFOA's sample policies in each area, which included reviews of actual policies from various counties and municipalities throughout the country. Staff attempted to include all relevant policy elements deemed "best practices" by the GFOA. Prior to Council adoption, the Debt Policies were reviewed by the City's Financial Advisor and the Investment Policies were reviewed by the City's Investment Advisor. Standard and Poor's also reviewed the City's Financial Policies during their rating review of the 2017 Recreation Center General Obligation Bond issue and responded with very positive comments. Future policy sections under consideration include long-term financial planning, internal controls, risk management, and an update to the current procurement policy. CITY COUNCIL COMMUNICATION