Finance Policy Subcommittee Meeting Date: March 26, 2025
To: Finance Policy Subcommittee
From: Ben Martig, City Administrator
Title
Review Finance Policies
Body
Action Requested:
The Northfield City Council Finance Policy Committee is being asked to Review Finance Policies for discussion at future meetings.
Summary Report:
The Northfield City Council Finance Policy Committee is being asked to Review Finance Policies for discussion at future meetings. See the hyperlink in the attachments and scroll to the Finance Policies as outlined below:
Finance
1. 4.01 Purchasing Policy <https://www.northfieldmn.gov/DocumentCenter/View/17781/401-Purchasing-Policy>
2. 4.02 Purchasing Card Policy <https://www.northfieldmn.gov/DocumentCenter/View/17782/402-Purchasing-Card-Policy>
3. 4.03 Post Issuance Debt Compliance Policy <https://www.northfieldmn.gov/DocumentCenter/View/17783/403-Post-Issuance-Debt-Compliance-Policy>
4. 4.04 City Investment Policy <https://www.northfieldmn.gov/DocumentCenter/View/17784/404-City-Investment-Policy>
5. 4.05 Financial Control Policy <https://www.northfieldmn.gov/DocumentCenter/View/17785/405-Financial-Control-Policy>
6. 4.06 Conduit Debt Policy <https://www.northfieldmn.gov/DocumentCenter/View/17806/406-Conduit-Debt-Policy>
7. 4.07 Fund Balance Policy <https://www.northfieldmn.gov/DocumentCenter/View/17786/407-Fund-Balance-Policy>
8. 4.08 Utility Collection Policy <https://www.northfieldmn.gov/DocumentCenter/View/17787/408-Utility-Collection-Policy>
9. 4.09 Roles and Responsbilities of Council Finance Policy Subcommittee <https://www.northfieldmn.gov/DocumentCenter/View/17844/409-Roles-and-Responsbilities-of-Council-Finance-Policy-Subcommittee>
10. 4.10 Debt Policy <https://www.northfieldmn.gov/DocumentCenter/View/17788/410-Debt-Policy>
11. 4.11 Grant Management Policy <https://www.northfieldmn.gov/DocumentCenter/View/17789/411-Grant-Management-Policy>
12. 4.12 Carbon Reduction Fund Policy <https://www.northfieldmn.gov/DocumentCenter/View/17790/412-Carbon-Reduction-Fund-Policy>
13. 4.13 College Voluntary Donation Policy <https://www.northfieldmn.gov/DocumentCenter/View/17791/413-College-Voluntary-Donation-Policy>
We would likely plan to go through and review edits on each policy in future meetings. Four or five policies per meeting and in order. The Committee could suggest prioritizing some for review rather than in order or some other process. Otherwise, that is the plan.
Staff does not have any new policies to propose at this time but if there are other policies to consider those could be discussed as well.
Alternative Options: N/A
Financial Impacts: N/A
Tentative Timelines: N/A