Title
Consideration of and action on amending the Financial Management Policy.
Body
Summary:
The City’s Financial Management Policy contains 12 sections. It is proposed that one (1) section be amended as follows:
Section X, Item C regarding Grant Review and Approval to read as follows:
Section C. Grant Review and Approval
All grant submissions shall be sent to the City Manager to approve or reject. The City Manager has the authority to approve or reject grant applications less than $25,000. The City Council must approve or reject all grant applications $25,000 and above.
Previously this section read as follows:
The City Manager shall approve all grant submissions. The City Council must approve all grant applications. If a department has a narrow window to pursue a grant opportunity less than $25,000 (e.g., grant funds unexpectedly become available on a compressed timeline), the grant application may be ratified at the City Council meeting immediately following the submission of the grant application.
This revision gives the City Manager authority to approve grant applications less than $25,000, where before all grant applications required City Council’s approval.
The revisions are included in the attached revised Financial Management Policy.
Fiscal/Budgetary Impact:
N/A.
Recommended action
Approve the Financial Management Policy dated September 17, 2024.