The Town has established a comprehensive set of financial policies to serve as a guideline for operational and strategic decision making related to financial matters. The financial policies are intended to establish a comprehensive set of guidelines for use by the Town Council and Town staff on decision-making that has a fiscal impact. The goal is to maintain the Town's financial stability in order to be able to continually adapt to local and regional economic changes and allow the Town to maintain and enhance a sound fiscal condition.
It is the policy of the Town of Fairfax (Town) to invest public funds in a manner which will provide the highest investment return with maximum security while meeting the daily cash flow demands of the Town and conforming to all state and local statutes governing the investment of public funds. The Town’s policy is to invest public funds in a manner which also support social and environmental sustainability principles.
Except for cash in certain restricted and special funds, the Town will consolidate cash and reserve balances from all funds to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. Investment income will be allocated to the various funds based on their respective participation and in accordance with generally accepted accounting principles.