Financial Policies
Northlake's Purchasing Policy
This Policy shall establish guidelines for the procurement of supplies, materials, and services for the Town of Northlake (the Town). This Policy shall also specify the internal control procedures that all vendors and Town personnel follow. Internal control is required to assist in preventing any unauthorized purchases by the Town and any evidence of collusion by vendors. This Policy shall further establish guidelines to provide the citizens and taxpayers of the Town with the assurance that the best use of the available resources of the Town is being realized. Further, this Policy is intended to promote competition among bidders and vendors interested in providing products or services to the Town. The statutory authority for this Policy shall be the Local Government Code, Section 252, subsequent amendments, and other State of Texas statutes that may be referenced herein.
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Northlake's Fund Balance Policy
This policy aims to establish a vital element of the financial stability of the Town by setting guidelines for fund balance. An unassigned fund balance is an essential measure of economic stability. The Town must maintain adequate levels of unassigned fund balance to mitigate financial risk from unforeseen revenue fluctuations and unanticipated expenditures. The fund balance also provides cash flow liquidity for the Town's general operations.
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Northlake's Investment Policy
It is the town's policy that the administration of its funds and the investment of those funds shall be handled as its highest public trust. Investments shall be made to provide the maximum security of principal invested through limitations and diversification while meeting the daily cash flow needs of the Town and conforming to all applicable state statutes governing the investment of public funds.
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Incentive Policy
It is the intent of this Policy to provide guidelines and criteria, requirements, and procedures to evaluate and approve any Incentives deemed necessary by the Town for the furtherance of its economic development and community goals. This Policy shall include provisions for Tax Abatement as well as the use of Type A or Type B economic development sales tax funds, and any other resources as approved by the Town Council.
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