CITY OF OJAI RESOLUTION NO. 14- 32 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OJAI APPROVING THE STATEMENT OF FINANCIAL PRINCIPLES

WHEREAS, the City Council ofthe City ofOjai approved Resolution No 05-33 to adopt the Statement of Finance Principles on June 28, 2005; and WHEREAS, the City Council of the City of Ojai has reviewed, and does hereby approve, the Statement ofFinancial Principles with no changes. NOW, THEREFORE, BE IT RESOLVED that the City Council ofthe City of Ojai does hereby approve the Statement of Financial Principles with no changes, attached hereto as Exhibit "A" and made a part hereof. BE IT FURTHER RESOLVED that the Statement ofFinancial Principles shall be reviewed on an annual basis. PASSED, APPROVED and ADOPTED on this 24th day of June 2014 by the following vote: AYES: Blatz, Clapp, Lara, Smith, Strobel NOES: None ABSTAIN: None ABSENT: None CITY OF OJAI, CALIFORNIA

~

ATTEST:

~~~ Rhonda Basore, City Clerk .~~ AS

TO FORM:

Resolution No. 14· :32

Page 1 of 1

June 24, 2014

Statement of Financial Principles

CITY POUCY Section 1: Purposes The purposes of the Statement of Financial Principles are: To provide a sound basis for budgeting and financial management; To identify practices and procedures that contribute to prudent use of public funds; to serve as a guide to the Administration and City Council in developing and approving the annual budget; and, to be tool for educating the community regarding the basis of financial decision making. Section 2: General Financial Goal To manage the resources of the City in a prudent and conservative manner that supports the economic, social and environmental values of the community. Section 3: General Principles a) The City Council will review its goals and priorities annually before the budget is prepared so that b) The City will maintain a level of expenditures that will provide for the wellbeing and safety of the general public and citizens of the community. c) The City will manage financial assets in a sound and prudent manner. d) The City will maintain and further develop programs to ensure its long-term ability to pay all the necessary costs to provide the highest quality service required by the residents of the City of Ojai. e) The City will adopt its annual budget by June 30 of each year as required by the statutes of the State of California. The objective is to balance the

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Attachment A Exhibit A Page 1 of 6

g) Program managers for special revenue funds shall diligently pursue reimbursements of receipts of grants in a timely manner to minimize the negative impact to the General Fund's investment earnings. h) The City Council shall be promptly informed of any significant revenue gain or loss impacting the City.

Section 5: Expenditure/Budget Policies a) Current year operating expenditures shall be funded by current year operating revenues. b) The City will continue to explore options to deliver services in the most costeffective method, including public-private partnerships and partnerships with other governmental agencies. c) Programs that are funded through user fees shall be self-supporting. (The City may partially subsidize some of these programs if it is in the City's best interests to do so.) d) Additional appropriations requests beyond the adopted budget must be approved by the City Council. e) Departments' fiscal year-end expenditures must be within approved appropriations by fund. f) Departments with an approved capital outlay budget that are unable to purchase the capital item by the end of the year may carryover a specified amount to the next fiscal year with the specific approval of the City Manager. g) Departments with encumbrances at the end of the fiscal year must receive approval from the City Manager to carryover any encumbrances. Each encumbrance will be considered separately. h) Salary and benefit savings at the end of the fiscal year will not be carried forward. i) Salaries and benefits savings may not be transferred to fund maintenance and operations items other than those for which savings from vacancies are used for temporary or contractual services. j) Departments shall adhere to the City's purchasing guidelines when expending funds.

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Attachment A Exhibit A Page 3 of 6

Section 8: Investment Policies a) The City Treasurer shall abide by the City's adopted investment policy and shall submit a monthly report to the City Council on the investment activities. b) The investment policy shall be reviewed and approved annually by the City Council. Section 9: Inter-fund Transfer Policies a) Transfers to the General Fund from other funds for overhead costs shall be reviewed annually and shall conform to OMB (Office of Management & Budget) A-8? guidelines. b) All City funds, including eligible grant funds, shall share the administrative costs borne by the General Fund. Section 10: Special Revenue Fund Policies a) The City shall abide by applicable rules and regulations pertaining to the expenditures of special revenue funds as required by the funding source. Section 11: Accounting, Auditing & Financial Reporting Policies a) The City will comply with all generally accepted accounting principles (GAAP) and adhere to the statements issued by the Governmental Accounting Standards Board (GASB). b) Unfunded "other post-employment retirement benefits (OPRB)" shall be reported as required by GASB Statement 45. As soon as practical the City shall develop a plan to pre-fund OPRB. c) The City shall retain the services of an independent auditor to perform annual financial audits. d) The City shall routinely bid for audit services, at a minimum, every five years. Audit contracts shall not exceed five years. e) The City Council shall be promptly informed of any significant financial reporting issue or any audit findings.

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Attachment A Exhibit A Page 5 of 6

14-32 Financial Principles.pdf

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