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Finance committee advances updates to financial-management policies, asks counsel to review federal "Uniform Guidance" draft
Summary
Delaware City finance staff reviewed proposed updates to financial-management policies and requested council referral; the committee also directed counsel to review draft procedures implementing the federal Uniform Guidance.
Delaware City finance staff reviewed proposed changes to the city's financial-management policies at the Nov. 3 Finance Committee meeting and the committee moved to refer the updates to City Council for ordinance action. Staff also asked the committee to send a draft of the federal "Uniform Guidance" procedures to the city's legal counsel for review.
City staff said the policy changes are primarily clarifying and procedural. Proposed additions include a formal definition of what constitutes a "balanced budget" (to assist with annual GFOA award applications), a budget "gauge" to guide actions during economic downturns, and a statement that temporary levies should not be used to fund ongoing operations. Under reserve policies, staff proposed specific language to account for "presumptive" workers' compensation…
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