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Staff to update long-standing financial policies; one policy per month schedule proposed
Summary
Finance staff said many financial policies date to 2011; they propose bringing one policy to the committee each month, build an annual review calendar, and time certain policy changes to avoid mid-year operational disruption.
The committee reviewed a plan to revise the city's financial policies, some of which staff said date to 2011.
"My goal is to start bringing you 1 policy a month to get them all updated," Miss Holden said. She explained the intent to build a schedule so that, for example, budget policy comes before budget season while purchasing policy would be timed to avoid mid-year changes that could disrupt procurement.
Holden told the committee she will present a calendar of which policies will come in which month and that leadership and department heads will be involved because policies such as purchasing and budget affect day-to-day operations. Alderman Fuqua asked for redlined drafts when changes are proposed so the board can clearly see edits; staff agreed to provide those materials.
The committee did not take formal action at the meeting; staff said the policy-revision schedule will become a standing agenda item going forward.
