PRESS RELEASE
For Publication January 30, 2007
City of Kerrville
800 Junction Highway
Kerrville, TX 78028

FINANCIAL MANAGEMENT POLICY STATEMENT

The Kerrville City Council approved a Financial Management Policy Statement on January 23, 2007. The City of Kerrville has an important responsibility to its citizens to carefully account for public funds, manage municipal finances wisely, manage growth, and plan the adequate funding of services desired by the public, including the provision and maintenance of public facilities. The aim of these policies is to ensure that the financial resources are available to meet the present and future needs of our citizens. The Financial Management Policy Statement is designed to establish guidelines for the fiscal stability of the City of Kerrville.

The Financial Management Policy Statement is reflective of other previously agreed upon practices and procedures. It also incorporates the adopted goal of the City Council to be good stewards of public resources. According to Mayor Gene Smith, “The Financial Management Policy Statement is a much needed document and was jointly developed by the City Manager and his staff with the unanimous approval of the policy by the City Council.”

The scope of these policies generally spans, among other issues, accounting, auditing, financial reporting, internal controls, operating and capital budgeting, revenue management, cash and investment management, expenditure control, asset management, debt management, and planning concepts.

The goals of the Financial Management Policy Statement are to:

1. Demonstrate to the citizens of Kerrville, the investment community, and the bond rating agencies that the City is committed to a strong fiscal operation.
2. Provide precedents for future policy makers and financial managers on common financial goals and strategies.
3. Present fairly and with full disclosure the financial position and results of the financial operations of the City in conformity with Generally Accepted Accounting Principles (GAAP) and Government Accounting Standards Board (GASB) and,
4. Determine and demonstrate compliance with finance-related legal and contractual issues in accordance with provisions of the Texas Local Government Code and other pertinent legal documents and mandates.

The Financial Management Policy Statement will provide for a more accurate representation of recent current practices. The Statement provides guidelines for the City Council and the staff concerning the financial responsibilities of managing, planning, and accounting for the financial responsibilities of the daily operations of the City of Kerrville. The Financial Management Policy Statement will be reviewed on an annual basis to ensure that Legislative changes, legal requirements and economic changes are incorporated to maintain both the current and future needs of the City of Kerrville.

A complete copy of the Financial Management Policy Statement can be obtained by contacting the City of Kerrville Finance Department located at City Hall at 257-8000.