February 18, 2025
Finance Department
DATE: February 18, 2025
TO: Mayor Martinez and Members of the City Council
FROM: Shasa Curl, City Manager
Andrea Miller, Director of Finance
Mubeen Qader, Deputy Director of Finance
Jerry Gurule, Accounting Manager
Subject:
Financial Policies and Administrative Policy Manual
Update
FINANCIAL IMPACT: There is no financial impact from receiving this update
PREVIOUS COUNCIL
ACTION:
None.
STATEMENT OF THE
ISSUE:
City staff are providing City Council and the community with updated Financial Policies and Administrative Policy Manual. Government Finance Officers Association
(GFOA) recommended best practices, and standards set
forth by the California Municipal Treasurers Association (CMTA) recommend governments formally adopt
financial policies and review annually as part of the
budget process.
RECOMMENDED ACTION:
ADOPT a resolution approving the updates to the
Finance Policies and Administrative Policy Manual and
adopting the Unclaimed Funds Policy - Finance
Department (Andrea Miller 510-620-6790/Mubeen Qader
510-412-2077/Jerry Gurule 510-620-6591).
AGENDA
REPORT
February 18, 2025
DISCUSSION:
The Finance Department has undertaken a comprehensive review of our existing Financial Policies to ensure policies align with the California Government Code, Government Finance Officers Association (GFOA) recommended best practices, and standards set forth by the California Municipal Treasurers Association (CMTA). These policies serve as essential guidelines for City Staff, ensuring adherence to financial standards across all operational facets.
GFOA recommends governments formally adopt financial policies and review annually as part of the budget process. Following our assessment, we have identified five policies that require updates to better reflect current requirements and enhance efficacy and propose a new policy (Attachment 1). The policies are as follows:
1. Other Post Employment Benefits (OPEB) Funding Policy - Update
2. Pension Funding Policy - Update
3. Travel Expense Policy and Procedure - Update
4. Debt Policy - Update
5. Grants Management Policy - Update
6. Unclaimed Funds Policy - New
The new Unclaimed Funds Policy will account for unclaimed funds in a manner which follows Government Code Sections 50050 through 50057. Funds that remain unclaimed for at least three (3) years will become the property of the City of Richmond after the procedures identified within the policy have been followed.
DOCUMENTS ATTACHED:
Attachment 1 – Financial Policies
Attachment 2 – Resolution Adopting Financial Policies