Council to take action on Resolution No. 63-26 amending the Financial Operating Policies of the City of Buckeye; providing for repeal of conflicting resolutions; providing for severability; and provid

4.R
CITY OF BUCKEYE
Regular Council Meeting
COUNCIL ACTION REPORT
MEETING DATE: 06/16/26
AGENDA ITEM: 4.R.
FIN - Adoption of Financial Operating
Policies
DATE PREPARED: 06/11/26
DISTRICT NO.:
STAFF LIAISON: Keith Fallstrom, Chief Financial Officer,
kfallstrom@buckeyeaz.gov, (623) 349-6161
DEPARTMENT: Financial Services
AGENDA ITEM TYPE: Consent Agenda
Items / New Business
ACTION/MOTION: (This language identifies the formal motion to be made by the Council) 
Council to take action on Resolution No. 63-26 amending the Financial Operating Policies of the City of
Buckeye; providing for repeal of conflicting resolutions; providing for severability; and providing for
changes to the financial policies to conform.
GOALS AND OBJECTIVES FOR THE STRATEGIC PLAN FOCUS AREAS: 
Fiscal Responsibility
SUMMARY
PROJECT DESCRIPTION:
The purpose of the FOP is to establish the framework for overall fiscal planning and management and
set guidelines for both current activities and long-range planning. The overall goals are to maintain
financial stability and be able to adapt to changes in the economy or new services while adhering to
practices established by the GFOA. In addition, the FOP provide guidance and clarity on the structure
and development of the budget, defining the budget control system, how to amend the budget and
specific revenue and expenditure principles to ensure ongoing financial sustainability and operating
practices. The FOP was adopted by Council on August 20, 2024, Resolution No. 56-24.
The changes to the FOP include:
All bond proceeds should be expended within three years of issuance.
Outlines the authority for budget transfers, including after the fact ratification of budget transfers by
Council for emergencies and some transfers of up to $250,000.
Investment report to be provided to the City Manager and Council annually, instead of quarterly.
The title of the document is "Financial Operating Policy".
BENEFITS:
The purpose of the Financial Operating Policy (new title) is to provide guidance and clarification on how
the budget will be structured and developed, define the budget control system, how to amend the
budget, and specific revenue and expenditure principles to ensure ongoing financial sustainability and
operating practices.    
FUTURE ACTION:
No further action is required.

FINANCIAL IMPACT STATEMENT:
None - Promotes the efficient use of City resources.
CURRENT FISCAL YEAR TOTAL COST:
None
BUDGETED:
No
Items related to a project or facility location must include an attached vicinity map for Council
Review.
ATTACHMENTS:
!Resolution No. 63-26 Amendment to Financial Operating Policies (smf 06.02.26).pdf
Financial Operating Policies FY2027.docx