Goods and services that are not required by law to be procured pursuant to competitive bidding must be procured in a manner as to assure the prudent and economical use of public moneys in the best interest of the taxpayers; to facilitate the acquisition of goods and services of maximum quality at the lowest possible cost under the circumstances; and to guard against favoritism, improvidence, extravagance, fraud, and corruption. To further these objectives, the Board of Trustees shall adopt a procurement policy governing all procurements of goods and services which are not required to be made pursuant to the competitive bidding requirements of General Municipal Law (GML) § 103 or of any other general, special, or local law. The procurement policy shall be reviewed at least annually by the Village Board.