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Hilltop Lakes board tightens purchase rules, lowers single-expenditure approval to $1,000
Summary
The Hilltop Lakes board added three-bid requirements for larger purchases and lowered the threshold for board approval so single expenditures over $1,000 now require board sign-off; changes were incorporated into current financial procedures, the finance committee said.
The Hilltop Lakes finance committee said it has revised financial procedures to require three bids on significant purchases and to lower the threshold for board approval of single expenditures to $1,000.
"We've lowered approval limits...we've lowered that limit to 1000 dollars for a single expenditure without approval, by the board," the finance committee representative said, describing the change added to the current procedures. The committee also told the board it will compile a capital-expenditure form for each department to list needs versus wants and to collect requests in a central place for review.
Committee members said the changes aim to ensure seasonal expenses are accounted for when they occur rather than spreading costs across 12 months. The finance committee representative said the POA will seek three bids on purchases above a significant-expenditure threshold (reported as $3,000) to secure competitive pricing for the community.
Board members did not record a formal roll-call vote in the transcript for these procedural revisions; the minutes indicate the committee has added the revisions into its current financial procedures and presented them to the board for oversight.
