Killeen City Manager Ron Olson provided a draft comprehensive financial policy document to City Council tonight. Council will now review the draft for discussion at its November 14 workshop.
Financial policies provide the basic framework for fiscal management of the City. Formalizing practices as policies provides consistency, accountability and transparency.
“I believe strongly in the adoption of policy as the foundation of governance,” said Olson. “We have drafted a comprehensive list of policies that will help both Council and staff evaluate and plan current and future financial activities to ultimately create a positive and stable long-term financial condition.”
The draft is divided into 18 sections, most containing multiple subsections. Sections include the budget, auditing, capital expenditures, debt and internal controls among others. The entire document is available for public view online at killeentexas.gov/finance.
The draft policies include recommendations from the management audit as well as established provisions in Texas Local Government Code and Property Tax Code, the City Charter, the Government Finance Officers Association and the Governmental Accounting Standards Board.
City Council will deliberate the entire financial policy draft until they are prepared to formally adopt a final version. Following adoption, the policies will be reviewed annually to ensure compliance and applicability.