Financial Principles &
Policies Update
Including Cyber Security & Data Protection Policy
and Utility Billing Policy Updates
Angela Courter
Director of Administrative Services
June 23, 2026
PURPOSE OF FINANCIAL POLICIES
Why Do Financial Policies Matter?
• Establish financial governance framework
• Support long-term fiscal sustainability
• Promote accountability and transparency
• Guide staff decision-making
• Ensure consistency across City operations
Key Policy Area Updates
• Expenditure & Purchasing Policies
• Capital Asset Policies
• Grant Management Policy
• Investment Management Policies
• Cyber Security & Data Protection Policy
• Utility Billing / Water Service Policy
Overall continued improvements for consistency and readability.
Expenditure
& Purchasing
Updates
Employee authority: From $1,000 to $2,000
Department Head authority: From $5,000 to $8,000
Updated purchasing categories:
• Minor Purchases: Less than $10,000
• Other Purchases: $10,000–$50,000
• Significant Purchases: Greater than $50,000
CAPITAL ASSETS & GRANTS
Best Practices Updates
Capital Assets
• Added GFOA best practices
• Periodic review of
capitalization thresholds
• Focus on materiality and
useful life
Grant Management
• Reorganized pass-through
grant section
• Improved policy flow and
readability
Investment
Policy
Changes
• Updated Time Deposit Language
• Reflects updated State law
• Added Investments:
• Medium-Term Corporate Notes
• Municipal Bonds
Cyber Security & Data Protection Policy
• Incorporated into Financial Policies
• Establishes cybersecurity responsibilities
• Addresses data protection requirements
• Includes responsible use of AI technologies
• Supports ongoing risk management efforts
Water Service for Nonpayment Policy Updates
Originally adopted January 2020
Implements SB 998 requirements
Updated for:
• Clarity
• Consistency
• Customer understanding
• Supports digital translation capabilities
City
Benefits
• Aligns with current best practices
• Reflects operational realities
• Improves readability and accessibility
• Enhances cybersecurity governance
• Maintains compliance with state law
• Supports long-term fiscal sustainability
Recommendation
Adopt the Resolution:
• Approving updated Financial Principles & Policies
• Incorporating the Cyber Security & Data Protection Policy • Incorporating and revising the Discontinuation of
Residential Water Service for Nonpayment Policy
Questions?