California City Municipal Code Art. 2 Reports

This Article describes the financial reports to be filed annually by the City.

Prior to adopting a budget, the council shall establish an appropriations limit by resolution.

By September 1 of each year, the City Clerk shall file a copy of the budget for the current fiscal year with the County Auditor.

By September 1 of each year, the Finance Officer shall file a statement of voter-approved indebtedness for the current fiscal year with the State Controller.

By September 1 of each year, the Council shall establish by resolution the ad valorem tax necessary to pay prior approved indebtedness and assessments for the current fiscal year. The Finance Officer shall transmit a certified copy of the resolution to the Kern County Board of Supervisors, Kern County Auditor and Tax Collector.

(a) By September 1 of each year, the Finance Officer shall file a statement of financial condition for the prior fiscal year with the State Controller using the Uniform System of Accounts.

(b) The Finance Officer shall cause the preparation of an audit prepared by a certified public accountant.

By August 1 of each year, the Finance Officer shall present a written report for the prior fiscal year to the Council on investments, including compliance with the City's investment policy and recommendations for revisions to the investment policy.

(a) The Treasurer shall present quarterly reports on cash flow and the investments of the money in the SDI Fund to the SDI Advisory Committee, City Manager and the City Council. The report shall show: the type of investment; date of investment; how title is held; institution; date of maturity; par value; amount of each investment; current market value for all securities with a maturity of more than twelve (12) months; rate of interest; confirmation that each investment is consistent with this investment policy; information showing expenditure requirements can be met in the following quarter; and specify which investments were made pursuant to Government Code Sections 53601(i), 53601.1 and 53635(i). For money managed by LAIF, a county investment pool, or placed in FDIC insured accounts, the Treasurer may use the statement from these institutions in lieu of a separate report.

(b) The City Manager, Finance Director and SDI Advisory Committee (hereinafter collectively Investment Review Committee) shall review this investment policy annually on or about July 1st of each year and recommend changes as necessary to meet the above stated investment goals. The City Council shall consider any such recommendations made by the Investment Review Committee at a public meeting.