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� <br />aCCODBTZHG, �DDZ42HG, �� FI�AHCIbI. RHPORTIHG POLICIBS <br />F �i��'�� <br />' To ensure accurate and consietent accountinq practices that con- <br />form to generslly accepted accounting principles to ensure public <br />confidence in and ensure the inteqrity of the City's financial <br />eystem. - <br />�OLICy <br />. The City will establish and maintain a hiqh standard of <br />accounting practices. <br />. The accounting system will maintain records on a basis con- <br />eistent with accepted standards for local government <br />accounting as established by State law nnd GAAFR. <br />. Regular monthly and annual financial reports will present a <br />summary of financial activity by major types of funds. <br />. Where possible, the reporting system will also provide <br />monthly information on the total cost of specific services by <br />type of expenditure and, if necessary, by fund. <br />._..An.independent public accounting firm shall be engaged to <br />perform an annual sudit of all accounts, funds, and activi- <br />ties, and will publicly issue a financial opinion. <br />Independent accountinq firms shall be engaged for a period of <br />not more than three years, selected through an open sequest <br />for proposal process, and shall not be allowed to renew the <br />City's account for more than three years. <br />1. The City has earned the GFOA Excellence in Financial Reportinq, <br />Award for the past eleven years. <br />35 <br />