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Council adopts financial management policies; controller says measure could help bond ratings
Summary
The council adopted a resolution establishing financial management policies for the city and component units; the controller said codifying policies should aid bond rating reviews and improve transparency.
The Evansville Common Council on Feb. 10 adopted a resolution establishing financial management policies for the city and its component units.
Robert Hunter of the controller’s office outlined the resolution as a set of guidelines for budgeting, amendments and other fiscal practices intended to promote consistency and transparency. “What we're asking the council to approve is a financial policy… so that I'm not running amuck and getting the city into financial trouble,” Hunter said, adding that bond rating agencies look favorably on formal, adopted policies.
Hunter said the policy complements an investment policy the council adopted last month and that the city may later add capital-asset and capital policies into a single consolidated document. Council members asked whether the policies merely formalize existing practices; Hunter said many practices were already followed but not previously adopted by council vote.
The council adopted Resolution C-20-25-06 by a unanimous roll call vote.
