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Council reviews updated Financial Management Policy aligned to GASB; ORS citation updated
Summary
City Accountant Layli Nichols summarized a revised Financial Management Policy to bring Lowell into alignment with current GASB guidance and to support pursuit of a GFOA budget award; council suggested editorial changes including replacing "aggressive" with "diligent" and updating the ORS citation to ORS Chapter 287A (2025 revisions).
City Accountant Layli Nichols told the council the city's existing financial policies are outdated relative to current Governmental Accounting Standards Board (GASB) guidance and presented a revised Financial Management Policy intended to provide essential fiscal-management guidelines and support the city's pursuit of a Government Finance Officers Association (GFOA) budget award.
During discussion the council agreed to two editorial changes: replace the word "aggressive" with "diligent" in Section 9.8 regarding revenue collection, and update the ORS citation in Section 11.1 to reference ORS Chapter 287A to reflect 2025 statutory revisions. Councilors were asked to submit any remaining corrections to City Administrator Max Baker in advance of the next meeting so staff can present the policy for adoption as amended.
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