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HomeMy WebLinkAboutR95-006 revising financial management policiesp Commissiorl -r I a,'r moved adoption of the folinving Resolution: BOARD OF COUNTY COMMISSIONERS CCZNTY OF EAGLE, STATE OF COLORADO RPMLUTION NO. 95 RESOLUTION REVISING THE FINANCIAL MANAGEMENT POLICIES WHEREAS, the Board of County Commissioners (hereinafter "Board) is empowered by Section 30 -11 -107, et. sea ., C.R.S., to make such orders concerning the County financial matters, budgetary and otherwise; and WHEREAS, on August 30, 1993, by Eagle County Resolution No. 93 -103 the Board adopted and approved Financial Management Policies, all as set forth therein; and WHEREAS, the Board desires to revise the Financial Management Policies whereby the County Manager will be responsible for managing the audit process; and WHEREAS, the revision to the Financial Management Policies is set forth in Exhibit "A", attached hereto and incorporated herein by this reference, and will replace Page 9 of the existing Financial Management Policies; and WHEREAS, all other policies and procedures set forth in the Financial Management Policies, as adopted, shall remain unchanged. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby revises the Financial Management Policies whereby the County Manager is responsible for managing the audit process. That, the revision to the Financial Management Policies is set forth in Exhibit " A " and will replace Page 9 of the existing Financial Management Policies. THAT, all other provisions of the Financial Management Policies shall remain unchanged. THAT, this resolution shall become effective upon its approval and signature by the Board of County Commissioners. � C THAT, this resolution is necessary for the public health, safety and welfare of the citizens of Eagle County. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the a day of January, 1995. ATTEST: Georg A. Gates, Commissioner Commissioner �,. seconded adoption of the fore- going resolution. The roll having been called, the vote was as follows: Commissioner Phillips Commissioner Johnson Commissioner Gates This Resolution passed by G 0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \revise.fmp County Commissioners EAGLE COUNTY GOVERNMENT Financial Management Policies Prepared By Finance For Board of County Effective January 9, Director Commissioners 1995 C EXHIBIT 6 1 r EAGLE COUNTY GOVERNMENT Financial Management Policies D. Reporting The Finance Department will produce and distribute monthly activity reports of both expenses and revenues to each depart- ment /office. Each Department Head and Elected Official is responsible for quality assurance review of these reports. The Finance Department will produce summary and exception reports for the County Manager and Board of County Commissioners. Each Department Head and Elected Official is responsible for pro- viding regular status reports to the County Manager. Also, each Department Head or Elected Official responsible for major proj- ects may be required to provide project status reports to the Board of County Commissioners. E. Controls /Audits The County Manager will be responsible for producing and distributing both the Annual Financial Statements and the associ- ated Audit Management Letters. The Board Of Commissioners will coordinate with Department Heads and Elected Officials to correct any deficiencies noted by the external auditors. The Finance Department will also establish appropriate internal controls for all County financial transactions. Special internal audits will be performed by the Finance Department on a regular basis; these will include audits for adequate "back -up" docu- ments, cash drawer balances, proper account coding (for both expenses and revenues), receivables audits, payable audits, fixed asset audits, etc. In addition to internal controls, the County uses the following three methods for external review of records, practices, and pol- icies. o The Board of County Commissioners employs a Certified Pub - lic Accounting firm to audit the accounting process on an annual basis:; The Board of County Commissioners requires that the external auditor be changed every four years us- _ing,.a'bid process every four years (starting with 1995 au- dit); the finance Department will assist in preparing ma- terials for the selection of the external auditor only as directed by the County Manager or Board of County Commis- sioners o The..County submits audited Financial Statements to the State Auditor's Office for review and comment. o The County submits the Official Budget Book.to the State Department of Local Affairs for review and comment.