The City shall comply with prevailing federal, state, and local regulations. It's accounting practices and financial reporting shall conform to Generally Accepted Accounting Principles promulgated by the Government Accounting Standards Board (GASB), the American Institute of Certified Public Accountants (AICPA) and the Government Finance Officers Association (GFOA), and Public Fund Investment Act of Texas (PFIA). The City Council shall select an independent firm of Certified Public Accountants to perform an annual audit of all operations. The City shall continue to participate in the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting and the Texas Comptroller's Office Leadership Circle program promoting financial transparency. Financial trasnparency is a priority in Fate.
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