The Murphy City Council has approved a sweeping update to the city’s comprehensive financial management policies, aligning purchasing thresholds with new state law, strengthening reserve requirements and clarifying procedures for public improvement acceptance and surplus equipment sales.
The package of changes followed a detailed presentation from Finance Director Berna Fitzpatrick-Walker, who told council members at a Tuesday, Nov. 18, work session the revisions were necessary to keep the city current with legislative changes and consistent with best practices.
She began by noting that Murphy recently earned its 20th consecutive Certificate of Excellence in Financial Reporting, crediting the council for maintaining strong financial oversight. “With your direction and your expertise, we’ve been able to get it for the 20th year,” she said. “Now we’re moving into how the decisions can be made tonight for our comprehensive financial management policy.”
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