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CFO presents updated financial, purchasing and grant policies; calls for SPLOST notification threshold
Summary
Troup County's CFO presented a comprehensive update to financial and purchasing policies (capitalization, depreciation, asset and grant policies) driven by audit findings and federal grant compliance; staff proposed notifying the board of SPLOST purchases above $500 that fall outside adopted CIP plans.
Troup County's chief financial officer presented a consolidated update to the county's financial and purchasing policies, including capitalization and depreciation, asset management, accounts payable/receivable, cash handling and internal controls. The presentation said the update responds to a 2024 audit recommendation and to federal grant-rule changes; staff recommended adoption of a formal capitalization policy and clarified purchasing and grant language to meet federal guidelines.
Sonia (CFO) told the board the policy includes a new notification requirement: the board would be notified about SPLOST purchases above $500 that are not part of an adopted CIP or other board-approved capital authorization. "You'll see on page 16, there's an additional requirement for notification to be made to the board for SPLOST purchases above the $500," the CFO said. Commissioners asked clarifying questions about federal grant language and requested a monthly report for such purchases; the board approved moving forward with the policy (first presentation/first reading noted in transcript).
