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AGENDA ITEM 1B <br /> <br />MEMORANDUM <br /> <br />DATE: April 14, 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 <br /> <br /> <br /> <br />Background <br /> <br />. Since that time, the State <br />Legislature has revised Minnesota Statute 471.345 on Competitive Bidding and Quotes. <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 attached <br />policy draft. The recommended updates to the policy are to: <br /> <br />1.Reflect current Minnesota State Statutes in regards to Competitive Bidding and <br />Quotes. <br /> <br />2.Respond <br />raised concerns regarding our internal controls and the ability of the departments <br />to manage their budgets if they are not coding their own invoices. (We may <br />receive an audit comment in this area for 2013, however it is not known yet at <br />this time.) <br /> <br />3.New IRS regulations requiring the City to have a completed IRS Form W-9 on <br />file before payments can be processed for vendors. <br /> <br />Action Requested <br /> <br />Council feedback on the proposed changes recommended by the Financial Planning and <br />Analysis Committee. <br /> <br /> <br />Attachments <br /> <br />Attachment A: Draft Purchasing Policy <br />