SUBJECT: GENERAL BUSINESS
Title
A Resolution of the Board of Trustees of the Town of Erie Amending and Updating the Town's Purchasing Policy
Body
DEPARTMENT: Finance
PRESENTER: Stefanie Furman, Acting Finance Director
FISCAL SUMMARY:
Cost as Recommended: n/a
Balance Available: n/a
Budget Line Item Number: n/a
New Appropriation Required: n/a
STAFF RECOMMENDATION:
Recommendation
Approve the resolution amending and updating the Town's purchasing policy.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The proposed resolution updates and amends the Town's purchasing policy, last updated in 2017. Objectives of the policy are to: procure goods and services at the lowest possible cost for the quality needed for effective use; avoid duplication, waste, and obsolescence with respect to the procurement of goods and services; provide adequate budgetary and fiscal control over all municipal expenditures; and minimize or eliminate disruptions in operations resulting from the lack of material, equipment, or supplies. The purchasing policy serves as a guideline for all purchasing activity and standardizes purchasing procedures.
This updated policy attempts to incorporate best practices based on a review of purchasing policies of several comparable municipalities, including Brighton, Firestone, Fountain, Golden, Lafayette, Littleton, Louisville, Montrose, Superior and Wheat Ridge; these are communities generally of a size similar to Erie. In addition, staff also reviewed policies of larger communities to identify potential improvements applicable in spite of any size difference.
Among the changes are revisions to spending authorization levels. In determining appropriate levels, the Town reviewed the communities referred to above. The following table reflects the Town's current approval levels, the proposed levels and comparison levels for selected communities:
During the annual budget process the Board of Trustees considers the Town's revenues an...
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