LGIFR Financial Policies

 

LGIFR Financial Policies

 

(by Board Resolution 2/8/12)

1. The Board shall retain the services of an Independent Financial Contractor (“IFC”) to provide consulting, budgeting, accounting, record keeping, file storage, and other similar services.

2. Accounting shall be on an accrual basis as opposed to a cash basis.


3. The Balance Sheet, Profit & Loss, Profit & Loss Budget vs. Actual, and Statement of Cash Flows shall be separated by class.

4. The proper terminology for classes is:

Fire & Rescue

General & EMS

5. No later than the last Board meeting of December of each year, the Chief (in consultation with the Chairman, the Treasurer, and the IFC) shall present to the Board for Board adoption a Budget and Cash Flow Projection (with class notation in the left-most column) by month with totals for the coming year. The budget shall include income, expenses, and capital expenditures. A cash flow projection for the year by month shall be added at the bottom. The Chief’s presentation shall also include a second document in summary form (“Budget Summary”) that shall show the same totals for the entire year separated by class for the two “businesses” of Fire & Rescue and General & EMS with a third column showing the combined totals for the two businesses. Line items on the Budget and Cash Flow Projection shall match the line items on the computer generated reporting documents as closely as possible.

6. No later than the end of February of each year, the Chief (in consultation with the Chairman, the Treasurer and the IFC) shall present to the Board for Board adoption an estimated budget for each of the next two following years. These estimated budgets shall be in the format described in #5 above and shall be constructed from the budget for the current year with anticipated adjustments to the income, expense, and capital expenditure items.
 

7. The estimated budget adopted by the Board for the immediate following year (see #6 above) shall be provided in Summary Form to Charlotte County no later than March to be used to construct the MSBU budget for that following year.

8. A Treasurer’s Report shall be distributed monthly to the Board either at a Board meeting or by email and shall be posted on the website. The monthly Treasurer’s Report shall consist of two parts: first, the Check Register for the previous month (previously the only component of the monthly Treasurer’s Report) which will not be separated by class, and second, the Profit & Loss Budget vs. Actual by class with Cash Flow (which shall show month-to-date budgets vs. actual month-to-date expenditures, plus a column showing the difference between the two). The Cash Flow at the bottom shall show capital expenditures and changes in balance sheet accounts (from the Statement of Cash Flows) so that the net amount equals the cash in bank accounts.
 

9. A Quarterly Treasurer’s Report shall be distributed to the Board and posted on the website. The Quarterly Treasurer’s Report shall include the following three financial reports: a Balance Sheet by class, a Profit & Loss Budget vs. Actual by class with Cash Flow, and a Statement of Cash Flows by class.

10. Within 90 days after the end of each year, the Treasurer or the Treasurer’s designee shall submit to Charlotte County a full Financial Report for that just-ended year. That Financial Report shall contain a Balance Sheet, Profit & Loss Statement, and Statement of Cash Flow (all separated by class as provided in #3 above).

11. Expenditures under $250.00 can be authorized by the Chief or one board member.

12. Expenditures over $250.00 but under $1,000.00 require the authorization of two board members, or the chief and one board member.

13. Expenditures over $1,000 require board approval.

14. The Chief shall arrange duty schedules to avoid any obligation to pay for overtime under the FLSA. As a general rule, no more than four paid employees (including the Chief) should be employed in providing fire-rescue service and EMS in any calendar week. The “pay period” for the calculation of overtime pursuant to the FLSA shall be 14 consecutive days during which no paid nonexempt employee should be assigned duty for more than 106 hours. Nonexempt employees shall be paid at the end of every two week pay period for actual hours worked.

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