3-04-030 Reporting Policy-Monitoring the Plan

A. By March 1st of each year the BOCC shall review a report prepared by the finance director of sole source and emergency purchases of the prior year as required by the Pitkin County Procurement Code set out in the Appendix at the end of this code.

B. By July 1st of each year the BOCC shall review the comprehensive annual financial report in a public meeting.

C. Each month the BOCC, county manager, section heads, and department heads will be provided with financial reports of the prior month and year-to-date activity as contrasted to budget, in sufficient detail to be useful to them.

D. Each month the BOCC will be advised in writing of the status of major revenue sources and any other items of major significance.

E. By the end of January, April, July and October the BOCC shall review financial reports of the prior quarter’s activity of the county, including but not limited to the following:

      1. The exception report of project revenue and expenditure variances from budgeted amounts in excess of ten thousand dollars ($10,000.00) for the prior quarter and twenty-five thousand dollars ($25,000.00) for the year-to-date (or other limits at the BOCC’s discretion). These exception reports will be used to draft a supplemental appropriation in the following month to resolve the problems that appear on the report;
      2. A report of estimated year end fund balances, showing both specific restrictions and available amounts from the last supplemental appropriation;
      3. A quarterly report of assets and liabilities, as required by the BOCC, compared to prior periods. Only the quarterly investment report is being used currently, while the airport receivable report has been integrated into the quarterly exception report. (Res. 87-21 (part))