R-2012-13 amending the city’s Financial Management Policies

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RESOLUTION NO. 2012-_L�)_ A RESOLUTION ADOPTING UPDATED FINANCIAL MANAGEMENT POLICIES FOR THE CITY OF LA PORTEI MAKING VARIOUS FINDINGS AND PROVISIONS RELATING TO THE SUBJECTy FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW1 AND PROVIDING AN EFFECTIVE DATE HEREOF. WHEREAS, the City Council of the City of La Porte has found and determined that the City of La Porte Financial Management Polices provide a basic framework for the overall fiscal management of the City. WHEREAS, the City Council of the City of La Porte has found and determined that the Financial Management Policies reflect long standing principles and practices, which have enabled the City to maintain its financial stability. WHEREAS, the City Council of the City of La Porte has found and determined that the Financial Management Policies should be updated to set a target of 90 to 120 days of working capital. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. The City Council of the City of La Porte hereby adopts updated Financial Management Polices for the City of La Porte, a copy of which are attached to this Resolution as Exhibit "A", and incorporated by reference herein. Section 2. The City Council officially finds, determines, recites, and declares that a sufficient written notice of the date, hour, place and subject of this meeting of the City Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Government Code; and that this meeting has been open to the public as required by law at all times during which this resolution and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof.