DATE: June 9, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
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Consideration of Resolution No. 2016-33, A Resolution Adopting A Disbursements Policy For City Of Franklin (06/09/16 Finance - Referred to 6/28/16 BOMA, New Business)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning a disbursements policy for the City of Franklin.
Background
When looking at best practices, the City has implemented many of the recommended financial policies, including debt, investments, and fund balance reserves. It also has a pension policy, a purchasing policy, and payroll policies in the HR Manual. Of those few we do not have, the one that continually rose to the top of the discussion was a disbursements policy for non-payroll payments.
Financial Impact
Minimal, if any.
Recommendation
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Staff recommends approval of the disbursements policy. Please note: The final version of the policy will omit the discussion boxes located in the left page margins.