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City of Roseville — 2004 Budget 3. The City Council will select the firms and approve the contracts at a regular Council meeting. Implementation All service areas will be on the same time cycle effective in 2000. This can best accommodate overlap and service areas, and provide additional consistency. Accounting, Auditing, and Financial Reporting Policy Purpose To ensure accurate and consistent accounting practices that conform to generally accepted accounting principles to ensure public confidence in and ensure the integrity of the City's financial system. Polic ❑ The City will establish and maintain a high standard of accounting practices. ❑ The accounting system will maintain records on a basis consistent with accepted standards for local government accounting as established by State law and GAAFR. ❑ Regular monthly and annual financial reports will present a summary of financial activity by major types of funds. ❑ Where possible, the reporting system will also provide monthly information on the total cost of specific services by type of expenditure and, if necessary, by fund. ❑ An independent public accounting firm shall be engaged to perform an annual audit of all accounts, funds, and activities, and will publicly issue a financial opinion. ❑ Independent accounting firms shall be engaged for a period of not more than three years, selected through an open request for proposal process, and shall not be allowed to renew the City's account for more than three years. Implementation The City has earned the GFOA Excellence in Financial Reporting award for the past 23 years (1979 - 2001). Investment Policy Purpose To ensure the most efficient use of the City's idle funds, and to ensure the best return on these funds while making only those investments allowed by law. Polic ❑ The City will make a cash flow analysis of all funds on a regular basis. Disbursement, collection, and deposit of all funds will be scheduled to ensure maximum cash availability. ❑ When permitted by law, the City will pool cash from several different funds for investment purposes. ❑ The City will invest 99 percent of its idle cash on a continual basis. ❑ The City will obtain the best possible return on all cash investments. Such investments will only be those legally permissible under Minnesota law. ❑ The accounting system will provide regular information concerning cash position and investment performance. ❑ The City will make arrangements for banking services on a contractual basis for a specified period of three years, with specified fees for each service rendered. 115