[R.O. 2013 § 135.040; Ord. No. 08-2-08 § 1, 2-19-2008]
All powers of the City are vested in an elective Board of Aldermen which enacts legislation, adopts budgets, determines policies and appoints the City Administrator. The City Administrator is the Chief Assistant to the Mayor who is the Chief Administrative Officer for the City and is responsible to the Board of Aldermen for the proper administration of the entire City's affairs. The City Administrator keeps the Board of Aldermen advised of the financial condition of the City and makes recommendations concerning its future needs. The fiscal year of the City begins on the first day of July and ends on the last day of June each year. The fiscal year constitutes the budget and accounting year.
[R.O. 2013 § 135.050; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
The Revenue Policy shall be as follows:
1. 
The City will endeavor to maintain a diversified and stable revenue base to minimize the effects of economic fluctuations as well as eliminate an overdependence on any single revenue source.
2. 
The City will project and update revenues annually. These revenue forecasts will be presented to the City Board of Aldermen prior to the beginning of the budget process.
3. 
Departments submit their revenue estimates for the current year and projected revenue for the next year to the City Administrator.
4. 
Revenue trends are to be examined monthly and incorporated into annual revenue forecasts.
5. 
Revenue sources that are not utilized by the City while legal action is pending.
6. 
Monthly reports comparing actual to budgeted revenues will be prepared by the City Clerk and presented to the City Administrator.
7. 
Cash investments of the City shall be undertaken in a manner that seeks to ensure the preservation of capital in the portfolio.
8. 
User fees and rates will be examined annually and adjusted as necessary to cover the costs of providing the services.
9. 
The City will follow a policy of collecting, on a timely basis, all fees, charges, taxes and other revenues properly due the City. The City will follow an aggressive policy of collecting all delinquencies due the City.
[R.O. 2013 § 135.060; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
Between one hundred twenty (120) and one hundred eighty (180) days prior to the adoption of the budget, the City Administrator shall prepare and submit to the Board of Aldermen a statement of the policy recommendations for programs and priorities which, in the opinion of the City Administrator, will be of benefit to the City.
B. 
The City Administrator shall submit a budget to the Board of Aldermen at least sixty (60) days prior to the beginning of each budget year.
C. 
Expenditures proposed in the budget for each department, office or agency should be itemized by major and minor object, department/function and fund.
D. 
The City Board of Aldermen shall hold public hearings on the budget as submitted, at which all interested persons shall be given an opportunity to be heard.
E. 
The budget shall be on record in the City Clerk's office and open to public inspection. In addition, a copy of the budget is available for view at the Lawson Public Library. The budget shall also be available for viewing and/or printing on the City's website.
F. 
After adoption of the budget, the budget can be amended via ordinance or resolution by the Board to increase expenditures or revenues. When the Board approves the ordinance or resolution, additional appropriations are made in the appropriate department.
G. 
At the request of the City Administrator and within the last six (6) months of the fiscal year, the Board may, by resolution, transfer an unencumbered appropriation balance or portion thereof from one (1) department or agency to another.
H. 
All appropriations shall lapse at the end of the budget year to the extent that they shall not have been expended or lawfully encumbered.
[R.O. 2013 § 135.070; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
The City shall develop a multi-year program for capital improvements and update it annually.
B. 
The City will identify the estimated costs and potential funding sources for each capital improvement project proposal before it is submitted to the Board of Aldermen for approval.
C. 
The capital improvement program will be included in the annual budget. The annual budget will implement the first year of the capital improvement program.
[R.O. 2013 § 135.080; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
The following fixed asset policy shall be in force commencing with fiscal year 2008. This policy is consistent with Government Financial Officers Association (GFOA) Recommended Practices and should be reviewed periodically and compared to recommended practices of the GFOA or other nationally recognized government finance organization. For purposes of GFOA or other nationally recognized government finance organization. For purposes of establishing an appropriate capitalization threshold for fixed assets, the following guidelines shall apply:
1. 
Fixed assets should be capitalized only if they have an estimated life of more than one (1) year following the date of acquisition and have a purchase cost of five thousand dollars ($5,000.00) or more. Items that cost less than five thousand dollars ($5,000.00) or have a life of one (1) year or less will be expensed upon acquisition.
2. 
Purchase cost of a fixed asset includes freight, installation charges, carrying cases, adapters and other items that are connected to the fixed asset and necessary for its operation or use.
3. 
Fixed assets' capitalization threshold should be applied to individual fixed assets rather than to groups of fixed assets.
4. 
Departments will notify the City Clerk of any change in location or loss of a fixed asset.
5. 
Departments should exercise control over their non-capitalized fixed assets by establishing and maintaining adequate control procedures at the department level.
[R.O. 2013 § 135.090; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
The Accounting Policy shall be as follows:
1. 
An independent financial audit shall be made of all accounts of the City Government at least annually and more frequently if deemed necessary by the Board of Aldermen.
2. 
The General Fund, Special Revenue, Debt Service, General Capital Projects and Expendable Trust Funds will be accounted for under the modified accrual basis of accounting.
3. 
Enterprise Funds, Internal Service Funds and Non-Expendable Trust Funds will be accounted for under the accrual basis of accounting.
4. 
Full disclosure will be provided in the financial statements and bond representations.
5. 
The annual financial report will be prepared in accordance with revised GASB standards.
[R.O. 2013 § 135.100; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
The Debt Policy shall be as follows:
1. 
The City may issue general obligation bonds, revenue bonds, special obligation bonds and short-term notes and leases.
2. 
The City may issue refunding bonds for the purpose of refunding, extending or unifying the whole or any part of its valid outstanding revenue bonds.
3. 
The City will limit long-term debt to only those capital projects that cannot be financed from current revenue or other available sources.
4. 
When the City finances capital projects by issuing bonds, it will repay the bonds within a period not to exceed the expected useful life of the projects.
5. 
The City's policy shall be to manage its budget and financial affairs in such a way so as to ensure continued high bond ratings.
6. 
No bonds shall be issued without the assent of the requisite number of qualified electors of the City voting thereon.
[R.O. 2013 § 135.110; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
The City will calculate an unreserved, undesignated fund balance equal to twenty percent (20%) of expenditures for the adopted budget. These funds will be used to avoid cash flow interruptions, generate interest income, reduce the need for short-term borrowing and assist in maintaining what is considered an investment grade bond rating capacity.
B. 
Self-insurance reserves shall be maintained at a level to protect the City against incurred and reported losses as well as those incurred but not reported and future losses within the retention.
[R.O. 2013 § 135.120; Ord. No. 08-2-08 § 1, 2-19-2008]
A contingency reserve account will be appropriated annually in the General Fund to provide for unanticipated expenditures of a non-recurring nature and/or to meet unexpected increases in costs.
[R.O. 2013 § 135.130; Ord. No. 08-2-08 § 1, 2-19-2008]
A. 
Enterprise funds will be used to account for the acquisition, operation and maintenance of City facilities and services which are intended to be entirely or predominately self-supporting from user charges or for which periodic net income measurement is desirable.
B. 
The Street and Park Departments will pay into the General Fund of the City annually an amount substantially equivalent to that sum which would be paid in taxes if the solid waste and park and recreations were privately owned at five percent (5%) of the gross receipts for charges and services.