Sugar Land, TX - Sugar Land City Council recently updated the City’s Financial Management Policy Statements (FMPS), principles that guide the management of City finances.
Every two years, the policy statements are reviewed to ensure they address topics that influence the City’s finances, such as accounting, budgeting, capital expenditures, debt issuance and cash management. This has resulted in a number of achievements, including the following:
An area of focus this year was the addition of a section addressing vendor selection on procurements where the lowest qualified bid is not the sole determining factor of the contract award. The policy ensures contracts are awarded to the highest ranked vendor based on merit as determined by an evaluation team of three or more staff members.
The policy defines factors that should be considered, including qualifications, past experience, quality of team, equipment, scheduling and proven performance.
All purchases exceeding $50,000 require City Council approval; after review, city staff recommends approval of the contracts prior to Council consideration.
Since first adopted in 2002, the policy statements have been revised and adopted eight times and have grown and adapted to support the City’s changing financial management needs.