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Fair Oaks Ranch reviews updated financial management, debt and reserves policies; resolution to return
Summary
City finance staff presented a rewritten financial management policy with new debt management and fund-balance reserves appendices. Council and staff discussed targets for operating and utility reserves and next steps call for a resolution to adopt the revised policy at the Oct. 16 meeting.
The City of Fair Oaks Ranch on Oct. 2 reviewed an updated Financial Management Policy that consolidates and clarifies the city’s budgeting, accounting, debt and reserve practices and adds a standalone Debt Management Policy and a Fund Balance Reserves Policy.
Summer Fleming, director of finance, said the revisions refine language for clarity, add internal controls monitoring and quarterly financial reporting, and formalize…
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