From
Diana G. Ortiz
Title
Resolution updating the City's Financial Management Policy
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The City's Financial Management Policy is a formally approved document that serves as the guidelines and parameters in developing the City's financial position. It is reviewed annually for necessary updates and presented to the Finance and Government Committee for consideration. The Finance and Government Committee reviewed this item and supports the recommended changes.
The proposed revisions are in the following sections of the policy:
Delete V. CAPITAL BUDGET AND PROGRAM, J. WATER AND WASTEWATER CAPITAL RESERVE - this obsolete, unused fund was closed in fiscal year 2014;
Update VI. REVENUE MANAGEMENT, I. PROPERTY TAX REVENUES - "A 98% collection rate will serve as a minimum for tax collections with a delinquency rate of 2% or less." (from 97% and 3%);
Update VII. EXPENDITURE CONTROL, E. PURCHASING - identify and list the pertinent Texas Statutes;
Add IX. FINANCIAL CONDITION AND RESERVES, C. OPERATING RESERVES "(c) EPIC Surplus Operating Reserve Fund - $1,000,000 will be maintained during the term of the outstanding debt schedule for EPIC. This amount is funded by surplus sales tax collections."
Update XII. GRANTS section in its entirety including additional requirements that inform, define and clarify the Applicable Laws, Authority, Budgeting, Indirect Costs, Solicitation, Supplement, Procurement and Compliance;
Financial Consideration
There is no fiscal impact to this revision.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE CITY'S FINANCIAL MANAGEMENT POLICY
Whereas, it is the goal of the City to maintain a long-term stable and positive financial condition; and
Whereas, well-planned and prudent financial management is essential to the achievement of the City's goal; and
Whereas, the Finance and Government Committee reviewed and supported the revisions to the Financial Management Policy.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. The City of Grand Prairie hereby adopts the following changes to the policy in sections:
Delete V. CAPITAL BUDGET AND PROGRAM, J. WATER AND WASTEWATER CAPITAL RESERVE
Update VI. REVENUE MANAGEMENT, I. PROPERTY TAX REVENUES - "A 98% collection rate will serve as a minimum for tax collections with a delinquency rate of 2% or less." (from 97% and 3%);
Update VII. EXPENDITURE CONTROL, E. PURCHASING - identify and list the pertinent Texas Statutes;
Add IX. FINANCIAL CONDITION AND RESERVES, C. OPERATING RESERVES "(c) EPIC Surplus Operating Reserve Fund - $1,000,000 will be maintained during the term of the outstanding debt schedule for EPIC. This amount is funded by surplus sales tax collections."
Update XII. GRANTS section in its entirety including additional requirements that inform, define and clarify the Applicable Laws, Authority, Budgeting, Indirect Costs, Solicitation, Supplement, Procurement and Compliance.
Section 2. That this resolution shall be in force immediately upon its passage in accordance with the Charter of the City of Grand Prairie and it is accordingly so resolved.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 15H DAY OF DECEMBER, 2015.