AGENDA DATE: 9/6/2017
TITLE:
Title
Financial Management Policies
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of Revisions to the County's Financial Management Policies
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Walker, Letteri and Kamptner, Burrell, Allshouse, L.
PRESENTER (S): Lori Allshouse and Betty Burrell
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
BACKGROUND: According to the Government Financial Officers Association (GFOA) guidelines and the County's Financial Advisors, financial policies should be reviewed periodically to ensure they are current and effective. The County's Financial Policies were initially adopted by the Board of Supervisors on October 5, 1994, with amendments approved by the Board on October 11, 2000, August 1, 2012, and March 13, 2013, with the March 2013 amendment being the County's last major review and update to the County's Financial Management Polices.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds
DISCUSSION: Over the past several months, staff has conducted a careful review of all of the County's Financial Management Policies and recommends several updates. These recommendations have been reviewed by the County's financial advisors, Davenport and Company, LLC. and are attached (Attachment A).
Recommendations include: the addition of a Budget Stabilization Reserve policy in accordance with staff's recommendations during the FY 18 budget development process; revisions to ensure the Financial Management Policies accurately reflect the County's current processes and approaches; and revisions to clarify policy language and to ensure the use of consistent terminology.
Staff will review these recommendations with the Board during the September 6, 2017 Board meeting.
BUDGET IMPACT: The County's Financial Policies provide guidance to the County's budget ...
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