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II: City,/ <br />INN Louisville <br />COLORADO • SINCE 1878 <br />FINANCE COMMITTEE <br />COMMUNICATION <br />SUBJECT: <br />DATE: <br />NEW MEMBER ORIENTATION — PURCHASING POLICY <br />MAY 17, 2021 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />BACKGROUND <br />At the December 2020 Finance Committee Meeting, staff presented a new -member <br />orientation on the City's Financial Policies. These policies are written in relatively broad <br />terms as guidelines for financial management decisions and should not be confused with <br />administrative statements of operating procedure, which cover the detailed steps needed <br />to accomplish business processes. <br />The City's Purchasing Policy has not been included as part of the City's broad Financial <br />Policies. The Purchasing Policy, by its nature, is both a policy statement and a statement <br />of operating procedure. It includes very detailed steps to accomplish the procurement <br />processes. <br />Some of the general objectives of all municipal purchasing policies include: <br />• Protecting the Public Trust; <br />• Promoting openness, fairness, and transparency; <br />• Encouraging competition among vendors; <br />• Ensuring qualified vendors; <br />• Demonstrating purchasing without prejudice; and <br />• Seeking maximum value for each dollar spent. <br />POLICY SUMMARY <br />Below is a listing of each section within the Policy and a brief summary of some of the <br />elements within that section. <br />Section II — Purchasing Levels <br />• Please see the matrix on the following page. <br />FINANCE COMMITTEE COMMUNICATION <br />6 <br />