HomeMy WebLinkAboutBack-Up from Law DeptPART II - THE CODE
Chapter 18 - FINANCE
ARTICLE IX, - FINANCIAL POLICIES
DIVISION 2, FINANCIAL INTEGRITY PRINCIPLES
DIVISION 2. FINANCIAL INTEGRITY PRINCIPLES
Sec. 18-542. Financia,I integrity principles,
The following financial integrity principles are hereby adopted:
(1) Structurally balanced budget. The city shall maintain a structurally -balanced budget. Recurring
revenues will fund recurring expenditures,
(2) Estimating conference process. The city shall adopt budgets and develop its long and short-
term financial plan utilizing a professional estimating conference process. Conference principals
shall include, but not be limited to: one principal from the budget office; one principal from the
finance department and two non -staff principals with public finance expertise,
(3) Interfund borrowing. The city shall not borrow or use internal fund transfers to obtain cash from
one fund type or reserve to fund activities of another fund type or reserve unless such use is
deemed lawful, and unless the estimating conference has determined that (a) the funds to be
loaned will not be needed during the lending period, and (b) the funds for repayment will be
available within a two-year period, Any actions taken to borrow funds under these conditions
must be separately presented to and approved by the city commission and the term of such
borrowing shall not extend beyond the last day of the subsequent fiscal year.
Recognizing that some programs are funded by grants or other entities on a reimbursement
basis, the city shall apply for such reimbursements on a timely basis to minimize the period that
city funds are used as float. In the event loans/float for these reimbursements extend beyond
the end of a fiscal year, such reimbursements shall be reflected as receivables in the
comprehensive annual financial statements report (CAFR) to the extent allowed under
accounting principles generally accepted in the United States of America (GAAP). The
department of finance shall make a quarterly determination of the amount of expenses
incurred which may not be reimbursable under these programs. A quarterly report of
expenses incurred but not reimbursable shall be presented to the city commission,.
together with the actions needed to avoid project deficits,
Miami, Florida, Code of Ordinances Page 1