b'Financial PoliciesFinancial Policy GuidelinesFor:Beaufort County, South CarolinaAuthority: South Carolina Statutes and other Public Finance LawSupersedes: Financial policies existing prior to date of adoptionReview Responsibility: Financial ServicesReview Scheduled: Annually or as neededApproval Needed: County Council (Ordinance # 2018/57)Adopted: the 10 thday of December 2018I.OBJECTIVESThis scal policy is a statement of the guidelines and goals that will inuence and guide the nancial management practices ofBeaufort County, South Carolina. A scal policy that is adopted, adhered to, and regularly reviewed is the cornerstone of soundnancial management. Eective scal policy:Contributes signicantly to the Countys ability to insulate itself from scal crisis,Enhancesshort-termandlong-termnancialcreditabilitybyhelpingtoachievethehighestcreditandbondratingspossible,Promotes long-term nancial stability by establishing clear and consistent guidelines,Directs attention to the total nancial picture of the County rather than single issue areas,Promotes the view of linking long-term nancial planning with day to day operations, andProvides the County Council, citizens and the County professional management team a framework for measuring the scalimpact of government services against established scal parameters and guidelines.This comprehensive Financial Policy Guideline combines existing policies with new policies. Existing policies were reviewed foraccuracy and completeness. Additionally, numerous other jurisdictions nancial policies were studied to identify new policyguidelines that are appropriate for Beaufort County. With the above objectives as a guide, the following scal policy guideline ispresented.II. OPERATING BUDGET1. The County will develop the Budget in conjunction with a stated program of performance objectives and measures in which to gaugeprogress toward meeting those objectives.2. The Financial Services Department will maintain a system for monitoring the Countys budget during the scal year. This system willprovide opportunity for departments and management to monitor and evaluate monthly nancial information on expenditures andperformance at both the department and fund level. Included will be provisions for amending the budget during the year in order toaddress unanticipated needs, emergencies, or compliance with State of South Carolina budgetary statutes.3. The County shall continue to focus on using one-time, non-recurring, or other special revenues for funding special one-time projects.4. The County will continue to pursue an aggressive policy seeking the collection of delinquent rescue collections, permits and other feesdue to the County.Beaufort County, SC | Budget Book 2024 Page 24'