O-1992-1828 - Laserfiche WebLink

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. e Repair and replacement The City shall maintain its physical assets at a level adequate to protect the City's capital investments and minimize future maintenance and replacement costs. The capital budget shall provide for the adequate maintenance, repair and orderly replacement of the capital plant and equipment from current revenues where possible. 6. Accounting Policies The objectives of the accounting policies is to ensure that all financial transactions of the City are carried out in aC(fordance to the dictates of the City Charter, State Statutes, and the principles of sound financial management. Accounting standards The City shall establish and maintain accounting systems according to the generally accepted accounting principles and standards (GAAP) of the Governmental Finance Officers Associations (GFOA) and the Governmental Accounting Standards Board (GASB). The central system shall be used for financial transactions of all City departments. Annual audit An annual audit shall be performed by an independEint accounting firm which will issue an official opinion on the annual financial statements with a management letter detailing areas that could be improved. GFOA Certificate of Achievement Award The City shall annually submit necessary documentation to obtain the Certificate of Achievement for Excellence in Financial Reporting as awarded by the Governmental Finance Officers Association of the United States and Canada. 7. Investment Policies The objectives of the investment policies is to ensure that all revenues received by the City are promptly recorded and deposited in designated depositories, and if not immediately required for payments of obligations, are placed in authorized investments earning interest income for the City according to the adopted Investment Policy. The City's formal Investment Policy, as adopted by Ordinance 1802 on January 13, 1992, governs the City's investments. 6