HomeMy WebLinkAboutBack-Up from Law DeptPART II -THE CODE
Chapter 18 - FINANCE
ARTICLE IX. - FINANCIAL POLICIES
DIVISION 2. FINANCIAL INTEGRITY PRINCIPLES
DIVISION 2. FINANCIAL INiEGRITYPRINCIPLES
Sec. 18-542. - Financial 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 principaI from the budget office; one principal from the finance
department and two non -staff principals with public finance expertise.
j3) 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 #oeether with the actions needed to avo€d ro'ect deficits.
Miami, Florida, Code of Ordinances Page 1