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File #: 24-448    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 8/5/2024 In control: City Council
On agenda: 11/12/2024 Final action:
Title: Approve a Resolution to Amend the Financial Operations Manual (FOM) by updating Section 5, Accounts Payable.
Attachments: 1. Resolution to Amend FOM.pdf, 2. FOM_Revised_12-12-2023.pdf, 3. FOM_AP changes 10-24 changes.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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CITY COUNCIL AGENDA ITEM

 

Memo Date:                                          August 5, 2024

Agenda Date:                     August 27, 2024

Prepared By:                                          Christi Grant, Senior Staff Accountant

Through:                                          Rebecca Bowman, MBA, CGFO, CGFM, Finance Director

Requested Action:                     

title

Approve a Resolution to Amend the Financial Operations Manual (FOM) by updating Section 5, Accounts Payable.

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BACKGROUND:

 

The Financial Operations Manual (FOM) was adopted by City Council in October, 2010. The FOM is a collection of financial policies and internal procedures. The internal procedures are administrative processes required to implement the policies. The City Manager has the authority to approve technical, grammatical, and administrative changes to the FOM. Policy changes require City Council approval.

 

In conformance with the code changes, administrative changes, which have been approved by the City Manager, have been incorporated into the FOM.

 

The Accounting Division staff has revised the Accounts Payable procedures to reflect the approved policy changes and has made updates to the methods of procurement to be more in line with standard industry practices.

 

Accounts Payable section in the FOM, Section 5 is being updated.  The policy and procedures in this section has been updated to better represent the current operations of the division and to be more in line with other government financial practices.  Changes include incorporating internal controls into the FOM for each accounts payable process and outlining the steps involved in the various accounts payable methods.

 

 

STRATEGIC PLAN CONNECTION: 

 

The FOM defines the City’s financial operations policies and operational controls within the organization that ensure that the City strictly adheres to the City Codes, and Florida State Statutes.  The policies and procedures incorporating into the FOM provided financial transparency and fiscal sustainability.

 

 

BUDGETARY IMPACT:

 

There is no budgetary impact - policy changes only.

 

 

PREVIOUS ACTION:

 

The City Council adopted the original FOM on October 12, 2010.

The City Council approved 1st revision on October 11, 2011.

The City Council approved 2nd revision on January 10, 2011.

The City Council postponed at the regular meeting of December 11, 2012.

The City Council postponed at the regular meeting of January 8, 2013.

The City Council approved 3rd revision on February 12, 2013.

The City Council approved 4th revision on April 14, 2015.

The City Council approved 5th revision on December 12, 2023.

 

RECOMMENDED MOTION:

Recommendation

 Approve a Resolution to Amend the Financial Operations Manual (FOM) by updating Section 5, Accounts Payable.