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Committee reviews revised purchasing policy that raises approval threshold to $50,000
Summary
Finance staff presented a draft purchasing policy that would increase the bid/approval threshold from $25,000 to $50,000 (per TCA), add micro-thresholds for purchases, formalize an essential-vendor list for public-works, permit a 10% invoice tolerance, and move blanket purchase orders from annual to quarterly.
Miss Holden presented the draft purchasing policy to the Budget & Finance Committee on May 4 and outlined several substantive operational changes the city wants in place before the new fiscal year.
"Now that we have a full time purchasing agent on staff, TCA does allow you to go up to 50,000 for those requirements," Miss Holden told the committee, describing a key change: raising the competitive-bid/approval threshold from $25,000 to $50,000 and defining intermediate…
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