DATE: January 14, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
Title
Discussion of Disbursements Policy for City of Franklin
Body
Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning desired provisions in a financial policy for disbursements.
Background
The City currently has several financial policies in place such as debt management, investments, fund balance, pension funding, and receipting. Also, the City's HR Manual includes policies for payroll.
In reviewing the City’s current policies and additional policies recommended by GFOA and state best practices, the Finance Department is working on a draft of a disbursements (accounts payable) policy. Although many of the provisions are current practice, the goal is to formalize the provisions so that they are known to those involved in the disbursements process.
Financial Impact
The policy will help ensure that best financial practices in the disbursements process are in place.
Recommendation
Rec
Staff recommends discussion only of potential provisions for the policy. The policy draft will then be finalized and brought back to Committee.