HomeMy WebLinkAbout(0006) M&C 21-0591 (2)City of Fort Worth, Texas
Mayor and Council Communication
DATE: 08/24/21 M&C FILE NUMBER: M&C 21-0591
LOG NAME: 13ADOPTFMPSFY2022
SUBJECT
(ALL) Adopt Updated Financial Management Policy Statements for Fiscal Year 2022
RECOMMENDATION:
It is recommended that the City Council adopt the attached updated Financial Management Policy Statements for Fiscal Year 2022.
DISCUSSION:
The purpose of this Mayor and Council Communication (M&C) is to adopt updated Financial Management Policy Statements (FMPS) for Fiscal
Year (FY) 2022, effective October 1, 2021. The FMPS provide the foundation for strong fiscal management by providing guidance on consistent
practices ensuring both short-term and long-term financial success for the City of Fort Worth.
The FMPS were initially adopted by the Mayor and City Council on January 15, 1994, and have been subject to annual review and revision since
that time. Adoption of the FMPS comes under the auspices of the City's Charter, which outlines the need to adopt policies to administer and
safeguard the City's financial resources.
The FMPS contain sections which provide policy -level guidance on such topics as revenues, expenditures, reserves, debt management, inter -fund
loans, investments, grants, capital assets, accounting, auditing, financial reporting and internal controls. Each topic comprises its own section of
the overall policy document and is reviewed and recommended for update from time to time. The adoption of the revised policies is intended to
replace/supersede all previously adopted financial policies.
The updates to the FMPS for FY2022 are providing changes ensuring best practices per the most current guidance from the Office of
Management and Budget (OMB), the Governmental Accounting Standards Board (GASB), and Generally Accepted Accounting Principles
(GAAP).
The proposed changes to the FMPS for Fiscal Year 2022 include the following:
Grants Policy
Section V.C: Grant Management
Item 8: Addition of a requirement for timecard comments affirming allowable work efforts being charged to the grant.
Donations Policy
Section V: Policy
Donations of Cash and Real Goods: Addition of language to limit the length of time donations can be unencumbered and unspent before being
deposited to the department's operating fund.
A red line of entire FMPS, which includes mark up in each revised policy statement, accompanies this M&C along with a clean copy of the entire
document, including the proposed changes.
A Form 1295 is not required because: This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies approval of this recommendation will have no material effect on City Funds.
Submitted for City Manager's Office by. Jay Chapa 5804
Originating Business Unit Head: Reginald Zeno 8517
Additional Information Contact: Anthony Rousseau 8338
Expedited