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CONSENT ITEMS 6J and 6K <br /> <br />MEMORANDUM <br /> <br />DATE: March 31, 2014 <br /> <br /> <br /> <br />TO:Honorable Mayor and City Council Members <br /> <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> <br /> <br />SUBJECT: Updated Purchasing Policy (6J) and Fund Balance Policy (6K) <br /> <br /> <br /> <br />Background <br /> <br />updated in 2011 according to the most recent GASB standard. <br /> <br />Discussion <br /> <br />The Financial Planning and Analysis Committee (FPAC) is doing a review of all of our <br />policies and has recommended the following updates which are shown in the blacklined <br />versions attached. The Purchasing Policy is updated to reflect current Minnesota State <br />Statutes and IRS regulations. The Fund Balance Policy has only minor updates and <br />recommendations from the committee as seen in the attachment. <br /> <br />Action Requested <br /> <br />Motion to approve the revised Purchasing Policy and Fund Balance Policy as presented <br />and recommended by the Financial Planning and Analysis Committee. <br /> <br /> <br />Attachments <br /> <br />Attachment A: Draft Purchasing Policy <br />Attachment B: Draft Fund Balance Policy <br />