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Finance director proposes revised financial policy to align with state standards
Summary
The finance director presented a heavily revised financial policy (roughly 60 pages) intended to strengthen internal controls and help the city qualify for a state 'financial excellence' award; council agreed to add the policy to the agenda for approval.
The finance director presented an updated financial policy to the council, describing a review and rewrite of the city's internal controls intended to modernize procedures and meet state recommendations.
"This is the next professional policy. We've had several last few meetings. This is another one I went through and looked at our internal controls," the finance director said, explaining the document covers about 60 pages and consolidates policies updated since 2017.
The director said staff reviewed policies from other municipalities to identify practices that could strengthen Crossville's financial controls and noted state-run awards tied to having these policies in place. "This is the first way I've had this. It's best in all this to guidance of what they would want municipalities to have as far as policies in place, to be eligible to win the financial excellent award," the director said.
Council members asked clarifying questions about timing and legal implications of changes; the chair said it was appropriate to add the policy to the agenda for formal review and action.
No formal vote occurred during the work session; council agreed to place the updated financial policy on an upcoming meeting agenda so members can review the full document.
