Title
a. Receive the annual update to the County's General Financial Policies.
b. Provide direction to staff.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive the annual update to the County's General Financial Policies.
b. Provide direction to staff.
SUMMARY:
The County Administrative Office annually reviews and recommends updates to the County's General Financial Policies. These policies, including the recommended updates, provide a framework for building and administering the annual budget and define a shared understanding of how the County develops its financial practices and manages its resources.
DISCUSSION:
The Board of Supervisors first adopted formal financial policies in February 2003, establishing a framework for overall fiscal planning and management. In the ensuing years, the Board and County management have continuously refined these policies to employ sound financial practices and strategies. The financial policies require annual update.
This year's update includes the addition of a new interfund loan section. Through these policies, the Board designates the County Administrative Officer as the County official to manage the contract with external auditors of the Comprehensive Annual Financial Report (CAFR). Revisions to the policy also designate the County Administrative Officer as the County official that administrates appropriation control over appropriation units. The update also includes technical "clean-up" to improve readability.
The General Financial Policies are part of the County's annual budget submission to the Government Finance Officers Association (GFOA) in determining eligibility for the Distinguished Budget Presentation Award.
OTHER AGENCY INVOLVEMENT:
County Counsel assisted on legal matters pertaining to the update the General Financial Policies and approved as to legal form. The Budget Committee reviewed the revised polices and moved that they be submitted to the Board.
The revised G...
Click here for full text