At Special Called Meetings held on Sept. 21, the Gonzales Economic Development Corporation and Gonzales City Council both voted to adopt an investment policy for 2020-2021 which would guide the city in investing public funds in a manner that would “meet the daily cash flow demands of the City of Gonzales.” This policy is the same for both the GEDC and City of Gonzales.
While the investment policy adoption was the only item on the GEDC agenda, the City Council also adopted a financial plan for the 2020-2021 fiscal year.
This financial plan has been updated from the original version, which was presented at the meeting, however, at its core the plan is described as being focused on guiding the city’s “day-to-day financial affairs and in developing recommendations to the City Manager and City Council.
In the plan’s statement of purpose, it is indicated that areas such as accounting, auditing, financial reporting, internal controls, operating and capital budgeting, revenue management, cash and investment management, expenditure control, debt management and planning concepts are the focus of content covered within.
A major change included in this plan, is an update which would require the rollover of budget items exceeding $25,000 from a previous year’s budget into a new year’s budget to have the approval of the City Council before being rolled. If there is a need to analyze any revenue shortfalls, it shall be done in a timely manner. Specifically, this would be to avoid waiting until the next budget session to “find out” that a project is being rolled into the next fiscal year.
In other business: