Fiscal Year 2019 Budget

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Reports 1. The City will maintain a budgetary control system and will produce interim financial reports that measure actual revenues and expenditures compared to revenues and expenditures. a. Monthly and annual reports should present a summary of financial information by major fund and activity type. b. Monthly reports should be provided presenting actual cash position and investment performance. c. Each year, the City shall retain an independent public accounting firm to perform the annual audit and will make the audit available to all interested parties. d. The City will comply with all federal and state audit and review regulations, including OMB A-133 single audit and Single Point of Contact (SPOC) review requirements. INVESTMENT POLICY The Investment Policy of the City of spencer shall be governed by Iowa Code Chapters 12B and 12C and shall apply to all operating duns, bond proceeds and other funds and investment transactions involving operating funds, bond proceeds and other funds accounted for in the financial statements of the City of Spencer. The investment of bond funds or sinking funds shall also comply with the provisions of any bond resolutions. This written investment policy, required by Iowa Code Section 12B.10B, shall be delivered to all the following: 1. The governing body or officer of the public entity to which this policy applies. 2. All depository institutions or fiduciaries for public funds of the public entity. 3. The auditor of the public entity. 4. Every fiduciary or third party assisting with or facilitating investments for the public entity. SECTION 2 - DELEGATION OF AUTHORITY In accordance with Section 12B.10, the responsibility for conducting investment transactions resides with the Treasurer of the City of Spencer. For purposes of this Investment Policy, the Finance Director is designated the Treasurer. Only the Treasurer and those authorized by resolution may invest public funds. A copy of any empowering resolution shall be attached to this Investment Policy. SECTION 3 - OUTSIDE ASSISTANCE REQUIREMENTS All contracts or agreements with outside persons investing public funds, advising on the investment of public funds, directing the deposit or investment of public funds or acting in a fiduciary capacity for the City of Spencer shall require the outside person to notify in writing the Treasurer of the City of Spencer within thirty days of receipt of all communication from the Auditor of the outside person or any regulatory authority of the existence of a material weakness in the internal control structure of the outside person or regulatory orders or sanctions regarding the type of services being provided to the City by the outside person.