Weatherford Democrat

Aledo ExtrA

June 24, 2014

Willow Park upgrading financial policies


For the first time in the memory of city staff, the City of Willow Park has a written document outlining the city’s financial policies, one of a couple steps the city council took recently to improve its financial practices.

The council unanimously adopted the document June 10.

“The safety and transparency of [the] public’s funds are of the utmost importance to the city,” City Administrator Matt Shaffstall wrote in a memo to the council. “These financial policies were written to increase staff’s level of accountability in handling public funds.”

Prior to adoption, the city had policies that were inconsistent, unwritten and scattered in different locations, according to staff.

Staff wrote the policies to comply with state law, basing them on best practice guidelines from the Government Finance Officers Association and Governmment Treasurers Association of Texas, according to Shaffstall.

The document covers a variety of areas, from requiring that an annual audit be presented to the council by the auditing firm to setting a fund balance policy.

“Essentially this financial policy does a couple things,” Shaffstall said. “It sets some goals in how we should be managing our money and how we should lay it out and tries to take it across the board from where do we keep our money [to] how much should we be keeping.”

The policy states that the city should set a target of a 90-day fund balance in accounts and sets triggers if it dips below that, the city administrator said.

If a fund dips below the 75-day mark, the city administrator must notify the council.

“At the same time it also says you shouldn’t have too much money, which right now is an issue,” Shaffstall said, adding that the city only needs a 90-day operating balance and currently has a 200-day balance, something the council is expected to address during the budget process later this summer.

If the city has more fund balance than the maximum, the policy lays out how that should be handled, he said. The guidelines describe when excess monies in one area should be transferred into cash reserves, investments or the city’s capital improvement account or another account.

It may be better to put money into streets rather than holding it in cash, he said.

Investment policy

The council also adopted an investment policy that brought it up to date with the Public Funds Investment Act.

Additions to the former policy include statements relating to investment parameters, requirements to be an approved broker.


The council also received a report from Daniel Hungerford of George, Morgan & Sneed, P.C., which performed the annual audit of the city’s books.

“In the report, we have an unmodified, clean opinion,” Hungerford said.

The auditors did have three findings in the report on internal control and compliance and issued a management letter with six opportunities to strengthen the city’s internal control, according to Hungerford.

The audit, performed by a different company than the one used by the city in prior years, was a significant improvement over what the city has had in the past, Mayor Richard Neverdousky said.

“We really enjoyed working together because it forced the city to tighten up a couple of things and improve its recordkeeping and, also, force us to kind of start looking into some areas that we hadn’t looked into,” Shaffstall said, adding that it was a good process all-around for the city to go through.


Text Only
Aledo ExtrA
  • Developer withdraws site plan

    ANNETTA —A controversial 34-home subdivision proposed for a 41-acre tract on Duncan Road will not go forward as planned, according to action taken by both the proposed developer and the Annetta Town Council after a public hearing Thursday night.

    July 22, 2014

  • Aledo City Council to meet July 24

    The Aledo City Council will meet at 7 p.m. Thursday, July 24, in the Aledo Community Center, 104 Robinson Court, Aledo.

    July 22, 2014

  • oak leaf ladder shot.jpg Fires damage business, home

    Two separate fires around 2 p.m. July 15 damaged a Willow Park business and destroyed the home of a Weatherford family.

    July 22, 2014 1 Photo

  • Letter to the Editor

    Dear Editor,
     Thursday night, July 17, I was present for a surprisingly interesting experience when State Representative candidate Matthew Britt addressed a small group of supporters, followed by a question and answer session.

    July 22, 2014

  • ESD 1, Annetta South close on fire station site

    Parker County Emergency Services District No. 1 and Annetta South officials said Tuesday that the ESD is homing in on a site for a new fire station to serve residents in the Annettas and surrounding areas. Annetta South is expected to consider a zoning change to accommodate a new station next month.

    July 22, 2014

  • Registration has begun for Aledo ISD

    Aledo ISD enrollment for the 2014-15 school year began yesterday, July 21, and students new to the district need to register before school begins, Monday, Aug. 25.

    July 22, 2014

  • County scrambling to fill elections post

    Former Parker County Assistant Elections Administrator Laura Watkins, who sought, but was not appointed to the post of Parker County Elections Administrator after Robert Parten retired, last week began work as assistant elections administrator for Palo Pinto County, Palo Pinto County Elections Administrator Judith Evans has confirmed.

    July 22, 2014

  • Willow Park tackles 11-street project

    The Willow Park City Council last week picked a list of 11 streets they’d like repaired as part of the city’s next road repair project, a significant portion of the 17-road, $850,000 list of needed repairs.

    July 22, 2014

  • Teens arrested for throwing rocks on interstate

    Two 14-year-old boys are facing charges after reportedly throwing rocks at passing vehicles on Interstate 20 Tuesday afternoon, damaging trucks and injuring a woman.

    July 21, 2014

  • Parker County Calendar of Events

    July 25
    Painting with a Twist/Painting with a Purpose

    • ​Looking for a fun night out? The Parker Paws Painting with a Purpose fundraiser will be held from 7-9 p.m.

    July 21, 2014

Must Read
House Ads
Top News
AP Video
Disabled Veterans Memorial Nearing Completion Last Mass Lynching in U.S. Remains Unsolved Home-sharing Programs Help Seniors Ex-NYC Mayor: US Should Allow Flights to Israel Clinton: "AIDS-Free Generation Within Our Reach" Judge Ponders Overturning Colo. Gay Marriage Ban Airlines Halt Travel to Israel Amid Violence NYPD Chief Calls for 'use of Force' Retraining VA Nominee McDonald Goes Before Congress Bush: Don't Worry, Sugarland Isn't Breaking Up US Official: Most Migrant Children to Be Removed Police Probing Brooklyn Bridge Flag Switch CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City