HomeMy WebLinkAboutresolution.council.166-17 RESOLUTON NO. 166
(SERIES OF 2017)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO UPDATING CITY OF ASPEN FINANCIAL POLICIES TO
INCLUDE GENERAL PARAMETERS FOR INTERFUND ADVANCES.
WHEREAS, the financial and investment policies represent the best practices of
governmental financial management and establishment of guidelines for financial
planning, expenditures and revenues; and
WHEREAS, the financial and investment policies help to ensure the City
maintain sufficient reserves, maximizes the effectiveness of its expenditures and preserve
the safety of the City's public funds, and
WHEREAS, the Governmental Financial Officers Association (GFOA)
recommends establishment of formal financial policies to guide government decision
making, develop approach to achieve goals, develop a budget consistent with achieving
those goals, evaluate performances and make adjustments, and
WHEREAS, based on Council input, financial policies should establish the base
criteria around internal advances between City funds to create reasonable expectations for
the duration, principal amount, and interest rates associated with these internal transfers
and repayments.
NOW THEREFORE, be it resolved by City Council, that the City of Aspen
hereby adopts the attached financial and investment policies, effective for the year
beginning January 1, 2017, adopted this I Ith day of December 2017.
Steven Sk dron, Mayor
1, Linda Manning, duly appointed and acting City Clerk of the City of Aspen, Colorado,
do hereby certify that the foregoing is a true and correct copy of the Resolution adopted
by the City Council at its meeting held on December 11, 2017.
Linda Manning, City C rk