City Council adopts financial policies and procedures

The Pelham City Council adopted the City of Pelham Financial Management Policies during a July 21 Council meeting. (File)

The Pelham City Council adopted the City of Pelham Financial Management Policies during a July 21 Council meeting. (File)

By MOLLY DAVIDSON / Staff Writer

PELHAM—The Pelham City Council adopted the City of Pelham Financial Management Policies during a July 21 meeting, officially committing the city to following a set of documented policies.

“It is a very comprehensive financial management policy,” City Council President Rick Hayes said during a July 22 Business Council meeting. “This is a very big step for us.”

The financial management policies are a formalized compilation of the city’s existing financial policies and procedures, Pelham Finance Director Tom Seale explained.

“It is a compilation of things we’ve been doing since I’ve been here…formalized into a resolution,” Seale said.

The policy will not only help the current City Council understand the city’s financial procedures, it will also ensure consistency of practice into the future.

“(The policy) bridges from council to council,” Seale said.

Additionally, Seal explained the policy will help Pelham as it undergoes the process to receive a bond credit rating because it demonstrates both present and continued stability and consistency in financial management.

“This shows the rating services that we have committed to follow these policies and procedures,” Seale said.

“(Rating agencies) wanted to know that the future councils will follow what we’ve been doing,” Hayes explained during the July 21 council meeting.

Pelham Mayor Gary Waters expressed strong support for the adoption of the Financial Management Policy during the July 21 Council meeting.

“I wholeheartedly support it and wholeheartedly agree with it,” Waters said. “The city of Pelham has and always has had some very ethical ways of handling finances…It’s quite a remarkable thing to have a council that will put it in writing.”

Waters highlighted the official annual budgeting process as one of the aspects of the policy he is “most excited about.” It builds in a regular performance monitoring system and assessment of assets, ensures focus on long-range goals and allows for public involvement in the budgeting process.

“The mayor, the council and the public are going to have involvement in this process,” Waters said.