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North Kings GSA Board Passes Three Financial Policies

The North Kings GSA Board of Directors unanimously passed three financial policies at the September 28, 2023 board meeting, strengthening the GSA’s financial health and security.

The three financial policies include a Budget Policy, Operating Reserves Policy, and a Financial Reporting Policy.

The Budget Policy requires the agency to prepare both original and revised budgets. These budgets, created for each fiscal year and revised mid-year for unforeseen events, help predict cash flows and allocate resources.

The Operating Reserves Policy secures the agency by maintaining at least one year of operating expenses in a reserve. If reserves are used as approved by the Board of Directors, a plan will be developed and implemented to replenish the funds used.

The Financial Reporting Policy formalizes North Kings GSA’s current practices of reporting bill payments and financials. The policy sets objectives, roles, and timelines for the finance reporting process.

Each of these policies maintains healthy financial operations for the agency as it pursues groundwater sustainability.

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