HomeMy WebLinkAboutBack-Up from Law Dept.PART II - THE CODE
Chapter 18 - FINANCE
ARTICLE IX. FINANCIAL POLICIES
DIVISION-2,-FINANCIALANTEGRITY-PRINCIPLES
DIVISION 2. FINANCIAL INTEGRITY PRINCIPLES
Sec. 18-642. Man elm) 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/ear 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 entitles on a reimbursement
basis, the city shell 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 (SAAP),Iit
department eI finance shall nige p goatorly doterrolnotion of tho amoug( of expenses
loc.wyet ,whigt7 may not _fie relmbursabil under Mese ro rams. oarteri
o
expenses
ether with ti ed d ct deficits, ct o mi
Inc rr d b t ot re m
Miami, Florida, Code of Ordinances Page 1