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• <br /> EN HILLS <br /> MEMORANDUM <br /> DATE: March 11,2014 <br /> TO: Financial Planning and Analysis Committee <br /> FROM: Sue Iverson, Director of Finance and Administrative Services <br /> Kyle Howard, Finance Analyst <br /> SUBJECT: Review of the Purchasing and Fund Balance Policy <br /> • Purchasing Policy <br /> The City's purchasing policy was originally drafted back in 2004. This policy has become outdated and <br /> parts were no longer in compliance with the current State Statutes. The area that was out of compliance <br /> was the Competitive Bidding process. Staff has revised the policy to comply with the State Statutes.Staff <br /> has also added a section that requires the department directors to code invoices related to their department <br /> as part of monitoring their budgets. A New Vendor section was also added to require directors to obtain <br /> w9's from new vendors they use. The last change to the Policy was updating employee titles. <br /> Fund Balance Policy <br /> The City's Fund Balance policy was last updated in November of 2011. Staff has reviewed the policy and <br /> has made a few changes.The first change authorizes the Director of Finance and Administrative Services <br /> to transfer the excess unassigned General fund balance over 50% to the Permanent Improvement <br /> Revolving Fund. The other items changed were related to consistency of titles throughout the document, <br /> mainly changing"Finance Director"to"Director of Finance and Administrative Services". <br /> Requested Action <br /> Review and Discussion. <br /> • 1 <br />