G.12 Fiscal PoliciesCity of Grand
Terrace
Fiscal Policy
Revisions
October 25, 2022
Supports City Council Goal
#1: Ensuring our Fiscal
Viability, through the
continuous monitoring of our
actual revenues and
expenditures against budget
appropriations.
2030 Vision Statement
Fiscal Policy Revisions
•Cash Handling & Control (1.01);
•Petty Cash & Change Boxes (1.02);
•Investments (1.04);
•Fixed Assets (1.05);
•Purchasing (3.01)
•Travel & Related Business Expenses (3.03) Exhibit
A
•Unclaimed Money (3.07)
Fiscal Policy Revisions
•Cash Handling & Control (1.01) –The changes
made include removing all verbiage relating to the
Child Care Center, increasing the accumulated
deposit amount and adding verbiage of how often
the deposits should be taken to the bank.
•Cash Funds & Change Boxes (1.02) –The change
includes removing all verbiage relating to the
Child Care Center.
Fiscal Policy Revisions
•Investments (1.04) –The changes include
removing verbiage relating to the Successor
Agency and increasing the maximum amount of
pooled investments in LAIF from $50 million to
$75 million.
Fiscal Policy Revisions
•Fixed Assets (1.05) The change to this policy is
removing the Budgetary Basis for depreciation as
it increases the operating costs. To offset this,
staff recommends that Fund Balance be set aside
in Fund 70 –Equipment Replacement Fund at the
end of each fiscal depending on the reserves.
Fiscal Policy Revisions
•Purchasing (3.01) –Increase to the purchasing
limits for Informal Purchases, Formal Purchases,
Open Market Purchases to reflect increases in
inflation.
•Changes to Chapter 3.24 of the Municipal Code to
increase City Manager’s authorization limit for
the purchase of supplies, materials, equipment
and services from $10,000 to $25,000.
Fiscal Policy Revisions
•Changes to Chapter 3.26 of the Municipal Code to
increase City Manager’s authorization limit from
$10,000 to $25,000 for the award of contracts
relating to public projects and maintenance work.
Fiscal Policy Revisions
•Travel & Related Business Expenses (3.01) –The
change to this policy is Exhibit A which has been
simplified to ease of use.
•Unclaimed Money (3.07) –The change to this
policy was removing verbiage relating to the
Successor Agency which is closed.
Fiscal Policy Revisions Recommendation
•Approve the proposed revisions to the attached
City Fiscal Policies, subject to the City Council’s
approval of the above-mentioned ordinances.
Questions?