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:
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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:
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