2018 Adopted Annual Operating & Capital Improvement Budget

FINANCIAL POLICIES
Procurement Policies
Obtain the highest quality in supplies and contractual services at the least expense to the City.
Discourage uniform bidding and endeavor to obtain as open competition as possible.
Acquire the highest quality product and service for the City.
Utilize vendors which are competent, consistent, reliable, and timely.
Accounting, Auditing & Reporting Policies
The Village’s managerial staff is responsible for establishing and maintaining an internal control structure. This structure
is designed to ensure that Village assets are protected from loss, theft, or misuse.
Provide regular information concerning cash position and investment performance through its accounting system.
Establish and maintain a high degree of accounting competency. Financial accounting and reporting shall be
done in accordance with methods prescribed by the Governmental Accounting Standards Board and the
Government Finance Officers Association, or their equivalents.
Present quarterly and annual reports to City Council summarizing financial activity for all governmental funds.
Maintain financial systems to monitor expenditures, revenues, and performance of all municipal programs on an
ongoing basis.
Provide full disclosure in annual financial statements and bond representations.
Use an independent public accounting firm to perform an annual audit.
Publicly issue a Comprehensive Annual Financial Report.
Fund Accounting
Fund accounting is used throughout the Village, for both budgeting and the recording of financial transactions. Under
this system money is segregated into separate accounts, rather than being held in one central account. Each fund has
been established for a specific purpose, and is somewhat like a separate bank account.
Fund Types
The Village currently uses only two types of governmental funds, the General Fund and a Capital Projects Fund.
The General Fund includes the majority of Village services. Parks, Trails and Recreation; Community
Development; Police; Public Works; Administrative Services; Finance; Mayor and Council; City Attorney; City
Management; and Municipal Judge are included. Sales tax, use tax, property tax, user fees, fines, permits,
licenses, intergovernmental revenue, investment income, internal transfers, and various other revenues are the
sources of General Fund revenues.
The Capital Project Fund is used to account for the financing of long-term capital improvements for the Village.
Interfund Transfers
The City of Greenwood Village’s transfers are considered operating transfers. This represents the transfer from one
fund to another fund for operational purposes without the expectation of any support services in return. Also, this type
of transfer includes the transfer from one fund to another fund for the purpose of capital outlays.
Budget
A balanced budget is defined as a budget in which expenditures and provisions of contingencies in the budget do not
exceed the total estimated available resources.
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