DATE: June 13, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Brock, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
title
Consideration of Resolution No. 2019-59, A Resolution Adopting A Capital Assets Policy For City Of Franklin (06/13/19 Budget & Finance 4-0)
body
Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning a capital assets 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. Of those few we do not have, the one that has been discussed was a policy for tracking and reporting capital assets.
Financial Impact
Minimal, if any.
Recommendation
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Staff recommends approval of the capital assets policy.