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Accounting, Auditing, and Financial Reporting Policies <br />PT TR P(-lcsF. <br />To ensure accurate and consistent accounting practices that conform to generally accepted accounting <br />principles to ensure public confidence in and ensure the integrity of the City's financial system. <br />POLICY <br />X The City will establish and maintain a high standard of accounting practices. <br />X The accounting system will maintain records on a basis consistent with accepted standards for local <br />government accounting as established by State law and GAAFR. <br />X Regular monthly and annual financial reports will present a summary of financial activity by major <br />types of funds. <br />X Where possible, the reporting system will also provide monthly information on the total cost of <br />specific services by type of expenditure and, if necessary, by fund. <br />X An independent public accounting firm shall be engaged to perform an annual audit of all accounts, <br />funds, and activities, and will publicly issue a financial opinion. <br />X Independent accounting firms shall be engaged for a period of not more than three years, selected <br />through an open request for proposal process, and shall not be allowed to renew the City's account <br />for more than three years. <br />IMPLEMENTATION <br />The City has earned the GFOA Excellence in Financial Reporting award for the past twenty-one years <br />(1979 - 1999). <br />II -20 <br />