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FIN-2.02 - Comprehensive Financial Management Policies Overview

COMPREHENSIVE FINANCIAL MANAGEMENT POLICIES OVERVIEW

Binding City Policy

BCP-FIN-2.02


 

Policy

 

The City of Portland is accountable to the community for the use of public dollars.  Municipal resources will be used wisely to ensure adequate funding for the services, public facilities and infrastructure necessary to meet the community's present and future needs.  Financial management policies serve as the blueprint to achieve the fiscal stability required to meet the City's goals and objectives.

 

City Goals and Objectives

 

The City's goals and objectives provide the foundation for the City's financial management policies.  These policies will be developed, implemented and maintained to ensure that the City is financially able to meet its immediate and long-term service objectives.

 

In addition, the City as an institution has multiple partners, including community members, taxpayers, businesses, employees and other government agencies.  As a major institutional, economic and service force in the region, it is important that the City promotes strong relationships with its partners by adopting clear and comprehensive financial policies.

 

Financial Policy Objectives

 

The objectives for comprehensive financial management policies are to:

 

1.  Guide City Council and City management policy decisions that have significant fiscal impact.

2.  Support planning for long-term needs.

3.  Maintain and protect City assets and infrastructure.

4.  Set forth operating principles that minimize the financial risk in providing City services.

5.  Optimize the efficiency and effectiveness of services to reduce costs and improve service quality.

6.  Employ balanced and fair revenue policies that provide adequate funding for desired programs.

7.  Maintain financial stability and sufficient financial capacity for present and future needs.

8.  Promote sound financial management by providing accurate and timely information on the City's financial condition.

9.  Maintain and enhance the City's credit ratings and prevent default on any municipal financial obligations.

10.  Ensure the legal use of financial resources through an effective system of internal controls.

11.  Promote cooperation and coordination within the City, with other governments and with the private sector in the financing and delivery of services.

 

Affiliated Agencies

 

A number of agencies have been created through City Charter, Council action, intergovernmental agreements, and state and federal laws.  These agencies are affiliated with the City and should be managed with the same financial standards as City agencies.  To protect the City's fiscal status and avoid an adverse effect on the City, affiliated agencies will be accountable for financial compliance and reporting standards as described in the City's financial management policies.  The City may audit financial records or performance data to ensure funds are spent in accordance with Council directions and policies.  Affiliated agencies include, but are not limited to, agencies created by City Charter or Council action, agencies with leadership appointed by the City Council and agencies that receive a majority of funds from the City.

 

Related Financial Policies

 

The City has adopted other financial policies that guide City operations.  These are recognized as elements of the City's comprehensive financial management policies.  They include ENB 1.01 Urban Services Policy, ENB 1.02 Urban Services Program, ENB 6.02 Local Improvement District Financing Policy and the Transportation Fund Policy as adopted by Resolution 34423.

 

Responsibility

 

The Chief Administrative Officer will issue, oversee and administer the City's comprehensive financial management policies.  The Chief Financial Officer will review, develop and implement these policies.  Individual division managers within the Bureau of Financial Services will develop and implement guidelines and procedures consistent with these policies.  The Chief Financial Officer will oversee the process to review and update these policies every two years and will issue definitions.  See financial policies definitions.  City bureau directors and budget managers will ensure that their organizations comply with these policies and procedures, and will issue bureau-specific procedures, as needed, that are consistent with these policies.

 


HISTORY

 

Resolution No. 35005, adopted by City Council June 17, 1992.

Replaced by Ordinance No. 181829, passed by City Council May 14, 2008 and effective July 1, 2008.