DATE: June 14, 2018
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
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Consideration Of Resolution No. 2018-39, A Resolution To Amend City Of Franklin Disbursements Policy To Update Requirements And Definitions (05/10/18 Finance, 6/14/18 Finance 3-0).
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning recommended updates to the City’s Disbursements Policy, approved June 2016.
Background
The Finance Department maintains a list of the City’s financial policies on the City’s website. Each year, we review these policies to ensure they are current. Whereas the disbursements policy was approved two years ago, we are proposing a few updates based on current best practices.
The proposal is a resolution with an updated version of the policy with the proposals.
Financial Impact
The primary financial impact is to ensure consistent guidance for vendor payments.
Recommendation
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Staff recommends approval of the proposed updates. (Please note: If approved, highlighting used for discussion of the updates will be removed in the final resolution and policy.)