Title
Consideration of and action on amending the Financial Management Policy.
Body
Summary:
The City's Financial Management Policy was last reviewed and updated on September 17, 2024. The Financial Management Policy is reviewed annually and updated as necessary.
At this time, three (3) minor changes are being recommended for the existing policy:
Summary Section, Item I – Accounting, Auditing and Financial Reporting: The six-month requirement for the issuance of the City’s Annual Comprehensive Financial Report was changed to 180 days to coincide with the requirements of SB 1851.
Section I, Introduction – The six-month requirement for the issuance of the City’s Annual Comprehensive Financial Report was changed to 180 days to coincide with the requirements of SB 1851.
Section VI, Item J – Proprietary Fund Types: The Dow Active Complex was added to the list of proprietary funds operated by the City.
These revisions have been included in the Financial Management Policy, and the updated policy is agenda item for Council’s consideration for the September 16, 2025 Council Meeting.
Fiscal/Budgetary Impact:
N/A.
Recommended action
Approve the Financial Management Policy dated September 16, 2025.