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acco�r�, ��nir�, � F�HcT>T• <br />� <br />ror.xcigs <br />' To ensure accurate and consistent accounting practices that con- <br />form to generally accepted accounting principles to ensure public <br />confidence in and ensure the integrity of the City's financial <br />system. <br />POLICY <br />. The City will establieh and maintain a high standard of <br />accounting practices. <br />. The accounting system will maintain records on a basis con- <br />sistent with accepted standards for local government <br />accounting as established by State law and GAAFR. <br />. Regular monthly and annual financial reports will present a <br />Bummary 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 audit 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 request <br />for proposal process, and shall not be allowed to renew the <br />City's account for more than three.years. <br />IMPLEMENTATION <br />1. The City has earned the GFOA Excellence in Financial Reporting <br />Award for the past twelve years. <br />32 <br />