Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Comprehensive Budget Policy And Repealing R-2013-048, Which Previously Authorized Transfers Of Budgetary Funds.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
It is industry best practice to establish financial policies that are supported and approved by the governing body. The Government Finance Officers Association and the National Advisory Council on State and Local Budgeting recommends the adoption of a budget policy as a component of the City's overall financial policies.
Several years ago, the City Commission adopted Resolution No. R-2020-307, a Comprehensive Budget Policy setting a framework to ensure that the financial resources of the City are managed in a manner consistent with the City's mission, vision, and goals. Following the adoption of the Policy, several fiscal and organizational changes have taken place, thereby, making it necessary to update this Policy.
Additionally, it is necessary to repeal Resolution No. R-2013-048 to consolidate previously authorized policies into one comprehensive policy.
The updates to the Comprehensive Budget Policy would amend the following:
* Modifies the administrative budget transfer policy:
o Sets the maximum amount that can be transferred within a department/office operating budget with the approval of the Department/Office Director and Director of Budget from $5,000 to $15,000
o To further streamline the process, transfers $15,000 or less will only require the signatures of the department/office Director and Director of Budget and Performance Management
o Sets the maximum amount that can be transferred from a line item to another within a department/office operating budget from $50,000 to $100,000 (in alignment with the Procurement Code)
o All transfers over $100,000 must be approved by the City Commission.
* Adds two news ...
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