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Consider a memorandum/resolution to readopt the Financial Governance Policy, to include the Investment Policy, as amended and repeal resolutions 08-168R - Identity Theft Program and 18-026R Capital Projects Policy.
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DATE: February 20, 2024
TO: Kent Cagle, City Manager
FROM: Judith Tangalin, Executive Director of Finance
SUBJECT: Financial Governance Policy and Investment Policy Annual Review
BACKGROUND AND FINDINGS:
Killeen's Financial Governance Policy was first adopted by City Council on December 19, 2017. The governance policy establishes the framework for the fiscal management of the City and aids in the evaluation of current operations, proposed programs, and the long-term financial stability of the City.
The Financial Governance Policy requires an annual review to begin no later than January of each year. The Investment Policy is part of the Financial Governance Policy. Texas Government Code, Chapter 2256, known as the Public Funds Investment Act (PFIA), requires the Investment Policy to be reviewed and adopted by resolution at least annually.
The review of the Financial Governance Policy began at the February 6, 2024, City Council Workshop. At the workshop, staff briefed City Council on proposed changes to the governance policy. The changes were the result of staff monitoring the application of the governance policy over the past year and identifying changes to improve the application of the policy.
In order to maintain one all-inclusive Financial Governance Policy, Staff recommends incorporating two independent policies into the current Financial Governance Policy and repealing resolutions 08-168R - Identity Theft Program and 18-026R Capital Project Policy. This will ensure the policies will be reviewed by Staff and City Council each year.
Highlights of the requested changes include:
* Section VIII(A), Acceptance of Donated Property - gifts must be approved by City Manager, added "or designee" to allow the City Manager to app...
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