Subject:
Title
Approval of Revisions to Board Policy BCC-21, "Budget and Financial"
End
Fiscal Impact:
There is no fiscal impact.
Dept/Office:
Budget Office
Requested Action:
Recommendation
Request the Board of County Commissioners approve revisions to Board Policy BCC-21, "Budget and Financial."
End
Summary Explanation and Background:
The Budget Office coordinated with County Finance, the County Attorney's Office and the County's financial advisor on proposed updates to Board Policy BCC-21, "Budget and Financial." This review included research on best practices of comparable Florida counties. Proposed revisions to the Policy are summarized as follows:
* Definitions and References - Clarifies and updates definitions and statutory references.
* Directives:
o Accounting and Reporting - Enhances accounting and reporting requirements by providing that quarterly budget and financial reports will be electronically published, and that budgeted capital projects will be reported to County Finance and the Investment Committee; Clarifies that competitive procurement for independent auditing services will comply with Florida Statutes; Refines statutory references associated with the submittal of county officer budgets; Aligns approval thresholds for budgeted projects and equipment with Brevard County Procurement Policy (BCC-25); Establishes and clarifies timelines associated with bond reporting requirements and material events.
o Debt Financing - Amends the reporting of the County's debt capacity to appropriately align with the statistical section of the Annual Comprehensive Financial Report; Eliminates Private Activity Revenue Bond Financing, which is coordinated through the Florida Local Government Finance Commission (FLGFC). Brevard County is a member of FLGFC and will advise organizations seeking private activity bonds to go through FLGFC to avoid duplication of services.
o Amending the Budget - Aligns references and approval authority directly with Section ...
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