(A) The city will establish and maintain a high standard of accounting practices in conformance with Generally Accepted Accounting Principles (GAAP) for governmental entities as promulgated by the Governmental Accounting Standards Board (GASB).
(B) The accounting system will maintain records on a basis consistent with accepted standards for local government accounting (according to GASB).
(C) Where possible, the reporting system will also provide monthly information on the total cost of specific services by type of expenditure and, if necessary, by fund.
(D) An independent firm of certified public accountants will perform an annual financial and compliance audit according to Generally Accepted Auditing Standards (GAAS) and will publicly issue an opinion which will be incorporated in the annual financial report.
(E) The city will endeavor to apply for the GFOA certificate of achievement for excellence in financial reporting program.
(F) The city will use the modified accrual basis of accounting for its governmental funds (general, special revenue, capital projects and debt service funds). Revenues are recognized in the accounting period which they become available and measurable. Expenditures are recognized in the accounting period in which the liability is incurred.
(G) The city will use accrual basis accounting for its proprietary funds (enterprise and internal service funds). Revenues are recognized in the accounting period they are earned and become measurable. Expenses are recognized in the accounting period in which the liability is incurred.
(H) The city will promote full disclosures in its annual financial statements and its bond presentations.
(Ord. 1000, passed 1-15-18)