City of West Covina
City MenuFinancial & Budget Policies
On May 19, 2020 the City Council adopted Resolution 2020-35 approving the following Financial & Budget Policies for the City of West Covina.
This policy establishes a budget process to help decision makers make informed choices about the provision of services and capital assets and to promote stakeholder participation in the process.
This policy establishes guidelines for the issuance and management of debt.
This policy is intended to ensure that the City remains in compliance with all applicable securities laws.
The policy is designed and implemented with disaster recovery/business continuity as key deliverable and is not designed as a method archiving material for extended periods of time.
- Fund Balance Policy
This Fund Balance Policy establishes the procedures for reporting unrestricted fund balance in the City's financial statements. Certain commitments and assignments of fund balance will help ensure that there will be adequate financial resources to protect the City against unforeseen circumstances and events, such as revenue shortfalls and unanticipated expenditures.
- Investment Policy
The purpose of the Investment Policy is to establish prudent investment cash management guidelines for the City of West Covina, the Successor Agency to the former Redevelopment Agency of the City of West Covina, and the West Covina Community Facilities District. The investment goals of the City are safety, liquidity and yield.
- Pension Funding Policy
This policy provides guidance in making annual budget decisions; demonstrates prudent financial management practices; create sustainable and affordable budgets for pensions; and reassures bond rating agencies.