05-28-2024 CC Agenda Packet - work session

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ϴͲϭ City of Orono Financial Management Policies Policy 8 - Grant 8-1. PURPOSE With continued decreases in local government revenues, grant revenues have become an even more important part of the City's overall resource picture, especially in funding capital improvements. Although grant programs themselves are being reduced and becoming more competitive, actively seeking out grant revenues that assist in achieving identified City goals and objectives should nonetheless play a key role in the City's overall financial health strategies The purpose of this policy is to set forth an overall framework for guiding the City's use and management of grant resources. 8-2. GOALS 1.Set forth the importance of grant programs in accomplishing City goals and objectives. 2.Establish general concepts and framework for seeking and managing grant programs. 3.Identify roles and responsibilities in managing grant programs. 4.Establish criteria for evaluating the benefits and costs of grant programs. 5.Set forth the City’s policy in complying with Single Audit Act requirements. 8-3. DEFINITION 1.Grant – a monetary award of financial assistance or property provided to the City to carry out an activity or project for a public purpose or public good. 2.Grant Manager – The Grant Manager is the individual responsible for the administration of the project as stated in the grant proposal. The Grant Manager shall be listed on the grant application as the primary contact when there are co- grantees. 8-4. GENERAL CONCEPTS AND FRAMEWORK 1.The City will pursue grant funding from federal, state and other sources, consistent with identified City goals and objectives. 2.Aside from entitlement grants, the City should focus its efforts on securing grants for capital improvements. This approach will allow the City to compete for projects we might not otherwise be able to afford while maintaining financial independence should future grant sources diminish. 3