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File #: RES 23-66    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 9/28/2023 In control: Town Council/Board of Trustees
On agenda: 10/9/2023 Final action: 10/9/2023
Title: Consider approving Resolution 23-66, approving Town Financial Policies, Purchasing Authority Policy, Prohibited Activities Policy, Contract Authority Policy, and Procurement Policy; and take appropriate action (Cayce Lay Lamas)
Attachments: 1. Proposed Res 23-66 Financial Policies, 2. Contract Authority_FY24, 3. Contract Authority_REDLINE, 4. Financial Policies_FY24, 5. Financial Policies_REDLINE, 6. Procurement Card Policy_FY24, 7. Procurement Card Policy_REDLINE, 8. Prohibited Activities_FY24, 9. Prohibited Activities_REDLINE, 10. Purchasing Authority Policy_FY24, 11. Purchasing Authority Policy_REDLINE
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TOWN STAFF REPORT RECCOMENDATIONS

 

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Consider approving Resolution 23-66, approving Town Financial Policies, Purchasing Authority Policy, Prohibited Activities Policy, Contract Authority Policy, and Procurement Policy; and take appropriate action (Cayce Lay Lamas)

 

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STAFF: Cayce Lay Lamas, Director of Finance

 

BACKGROUND:

The Town of Westlake/Westlake Academy has a fiduciary responsibility to its citizens and stakeholders to accurately account for the public funds it is tasked with managing. The financial policies are established in order to provide guidance on the appropriate accounting, planning, and use of all funds and to ensure fiscal sustainability and stewardship.

Financial policies, approved by the Council/Board, provide the framework for staff to create sound administrative procedures and effective decision making. The financial policies are included in the annual operating budget documents, when published. All policies apply to both the Town and the Academy. Any necessary differences are noted within the policies.

DISCUSSION:

The Town Council/Board of Trustees were presented the proposed financial policies at the September 25th meeting for discussion. Council requested that the item be tabled until the October 9th meeting to allow Council time to make changes to the documents. The attached redlined versions of the financial policies incorporate the input from the September 25th meeting, as well as notes from the Mayor Pro Tem on behalf of the Town Council/Board of Trustees. 

Changes to the policies impact several points, including the definition of emergency purchases, reduction of Town Manager purchasing authority to match the Head of School, and elaboration to ensure clarity.

STAFF RECOMMENDATION:

Staff recommends acceptance of the financial policies, as presented.

ATTACHMENT(S):

Resolution for Town Manager spending authority

Redline and final versions are attached for each of the following policies:

•                     Financial Policy

•                     Purchasing Authority Policy

•                     Prohibited Activities Policy

•                     Contract Authority Policy

•                     Procurement Card Policy

TOWN COUNCIL ACTION/OPTIONS:

1)                     Motion to approve

2)                     Motion to amend with the following stipulations (please state stipulations in motion)

3)                     Motion to table

4)                     Motion to deny