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acco�rr�c, avnrr�c, arID F�►xcrsr. asPoxT� �+oLxcxss <br />PVRPOSE <br />To ensura accurate and consistent accounting practicee that con- <br />form to generally accepted accounting principles to easure public <br />confidence in and ensure the integrity of the City's financial <br />syetem. <br />POLICY <br />. The City will establiah and maintain a high etandard of ac- <br />counting practices. <br />. The accounting eyatem will maintain records on a baeie con- <br />eistent with accepted standards for local government account- <br />ing as eetablished by State law and GAAFR. <br />Regular monthly and annual financial reporta will present a <br />summary of financial activity by major types of funds. <br />Where poaeible, the reporting system will also provide <br />monthly information on the total cost of apecific aervicea 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 accounte, funds, and activi- <br />ties, and will publicly issue a finaneial opinion. <br />. Independent accounting firms shall be engaged for a period of <br />not more than three yeare, 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 thirteen years. <br />B -12 <br />