HomeMy WebLinkAbout11-149 Comprehensive Financial Management Policy Amendment
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 1 - 149
A RESOLUTION ADOPTING THE AMENDED
COMPREHENSIVE FINANCIAL MANAGEMENT POLICY
Motion By: Soukup Second By: Keeney
WHEREAS, The City’s 2030 Vision and Strategic Plan calls for the establishment of a
Comprehensive Financial Management Policy; and
WHEREAS, The Comprehensive Financial Management Policy has been adopted by the C ity
C ouncil; and,
WHEREAS, The Comprehensive Financial Management Policy serves three main purposes:
To draw together in a single document the City’s major financial policies;
To establish principles to guide both staff and Council members to make
consistent and informed financial decisions ;
To inform the citizenry that the City is a p rudent steward of their resources ; and,
WHEREAS, The Comprehensive Financial Management Policy establishes the following objectives :
To provide both short - term and long - term financial stability to city government
by ensuring adequate funding for providing services and protecting
infrastructure needed by the community today and for years to come;
To protect the City Council’s policy - making ability by ensuring that important
policy decisions are not constrained by financial problems or local, state,
regional or national emergencies;
To provide sound financial principles to guide the decisions of the City Council
and City management;
To create a document that City management and City Council members can
refer to when engaged in financial planning, day to day decision making, budget
preparation and other financial management endeavors ; and,
WHEREAS, Governmental Accounting Standards Board (GASB) Statement No. 54 strongly
recommends that fund balance policies are updated to reflect the following:
Definitions of fund balance components;
Order of resource use when expenditures qualify for more than one component
of fund balance;
Process for committing fund balance to a specific purpose;
Delegation of authority to assign fund balance.
NOW THEREFORE BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAK E,
,
MINNESOTA
as follows :
1. The recitals set forth above are incorporated herein .
2. The City Council hereby approves the amended Comprehensive Financial Management Policy
originally dated April 18, 2011 and revised December 19, 2011 .
th
PASSED AND ADOPTED THIS 1 9 DAY OF DECEMBER , 201 1 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________________________
Frank Boyles, City Manager
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