(a) 
The city adopts this financial policy which establishes the basic financial policies of the city.
(b) 
Twice a year, the mayor will review with the council, the status of where the city’s funds are invested, what rate of return is being achieved, and the timing if any, for renewals. The city council will, upon getting this review, advise the mayor of any changes in how the funds are invested, that should be considered.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.601; Ordinance 1705, sec. 1.601, adopted 1/10/17)
The city’s investment policy includes the following objectives: safety of capital, liquidity, diversification and standard of care. In selecting investments for city funds, the following procedures shall be implemented.
(1) 
Safety of capital.
(A) 
Invest in securities which are backed by the full faith and credit of the United States government.
(B) 
Certificates of deposit or other interest-bearing accounts of any bank or credit union to the extent they are fully insured by the FDIC.
(C) 
Obtain all necessary certificates of deposit when investing in bank CDs.
(2) 
Liquidity.
Maintain sufficient liquidity to meet all operating requirements which might be reasonably anticipated.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.602; Ordinance 1705, sec. 1.602, adopted 1/10/17)
(a) 
In instances where the city purchases from suppliers of goods or services, it is expected that council members and staff will not solicit or accept a gift, personal favor or other thing of value which might interfere or be thought to interfere with the independent exercise of this judgment in the best interest of the city.
(b) 
As in the case of other types of conflicts of interest, it is improper to evade these prohibitions by carrying out such activities indirectly through a spouse, child, or other relative, friend or other means.
(c) 
It is not improper to give or receive advertising novelties or items of modest value legitimately used in the business community. Extended entertainment, expensive gifts or unusual favors raise justifiable suspicions that are given to create an obligation inconsistent with our responsibility to the city. No city official, or employee, may offer to give, directly or indirectly, any money or thing of significant value to a supplier or anyone if it could reasonably be viewed as being done to influence the recipient’s judgment.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.603; Ordinance 1705, sec. 1.603, adopted 1/10/17)
This policy outlines the persons with authority to acquire goods and services on behalf of the city, including all capital expenditures, and the principles upon which such acquisitions should be made. It also provides for the internal guidance of employees of the city.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.631; Ordinance 1705, sec. 1.631, adopted 1/10/17)
No person shall commit the city to agreements, licenses, contracts, leases, or other legally enforceable obligations unless authorized to do so by the mayor and city council.
(1) 
The mayor, city secretary and assistant city secretary are authorized to issue checks for payment of all routine bills for the day-to-day operations of the city.
(2) 
The city council shall appoint persons necessary for the check signing duties of the city. These shall include but not be limited to the mayor, city secretary, assistant city secretary and other council members as deemed necessary. Two signatures will be required for each check on each account issued.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.632; Ordinance 1705, sec. 1.632, adopted 1/10/17)
(a) 
Purchases under $1,000.00 may be authorized by the city secretary if they are necessary for the day-to-day activity of the city. The city secretary’s name shall be used as the purchase representative, and no purchase orders are required.
(b) 
All purchases under $3,000.00 but more than $1,000.00 must be approved by the mayor or city council.
(c) 
All purchases over $3,000.00 must be approved by the city council.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.633; Ordinance 1705, sec. 1.633, adopted 1/10/17)
This procedure authorizes various purchases from companies with whom the city conducts business on a day-to-day basis. Therefore, only small purchases up to $500.00 may be charged on an open account. (Example: Office Depot, Home Depot, Lowe’s, Ace Hardware, etc.)
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.634; Ordinance 1705, sec. 1.634, adopted 1/10/17)
Employees may use a city-issued credit card for charges in accordance with section 1.06.033. However, under no circumstances shall an employee of the city use a city-issued credit card for personal use.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.635; Ordinance 1705, sec. 1.635, adopted 1/10/17)
Emergencies requiring procedures outside normal methods need to be approved by the mayor.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.636; Ordinance 1705, sec. 1.636, adopted 1/10/17)
The acquisition of goods for the city will be conducted in accordance with the following principles:
(1) 
Probity.
The highest level of personal and organizational integrity must accompany each transaction.
(2) 
Performance measurement.
Transactions will be evaluated according to contractual standards agreed upon by the city and the supplier.
(3) 
Best value.
Each decision should be made in the overall best interest of the city and its end users through the appropriate weighing of all decision-making factors.
(4) 
Open and fair access.
The supply community should be aware of, and permitted to compete for, supply opportunities in their demonstrated field of expertise.
(Ordinance 1404 adopted 7/8/14; 1998 Code, sec. 1.637; Ordinance 1705, sec. 1.637, adopted 1/10/17)