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Commissioner Hovis - Finance - To Adopt the Attached Revised Financial Policies that Were Previously Adopted on June 25, 2009
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STAFF CONTACT
Tiffany Murray - Finance - 704-866-3111
BUDGET IMPACT
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Transfers the Public Assistance fund to the General fund and authorizes the creation of multi-year capital projects funds.
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BUDGET ORDINANCE IMPACT
Amends the budget ordinance by moving the Public Assistance fund from a special revenue fund to the general fund and allows for the creation of multi-year capital projects funds.
BACKGROUND
A fiscal policy that is adopted, adhered to, and regularly reviewed is recognized as the cornerstone of sound financial management. Based on the recommendation of DEC and Associates (our financial advisors) and the Finance Director, the County’s current financial policies have been updated. These policies provide the guidelines and goals that will influence and guide the financial management practice of Gaston County. The revision serves several purposes some of which are to enhance short and long term financial stability credit ability by helping to achieve the highest credit and bond ratings possible, contributes significantly to the County’s ability to insulate itself from fiscal crisis, promotes long-term financial stability and directs attention to the total financial picture of the County rather than single issue areas.
As part of the policy revision, it is requested that the Board amend the Budget Ordinance to move the Public Assistance fund from a special revenue fund to the General fund and authorize the creation of a multi-year general government capital projects fund and a multi-year education capital projects fund that will include the schools and Gaston College. It is also requested that the Board give the Finance Director the authority to make the appropriate budget amendments with a report back to the Board.
POLICY IMPACT
The updated financial policies supersede the policies previously adopted by Resolution 2009-222.
ATTACHMENTS
Revised Financial Policies