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I REQUEST FOR COUNCIL ACTION <br />2 <br />3 Date.- 2/25/08 <br />4 Item No.- ?.c <br />Department Approval.- Manager Approved. Agenda Section.- <br />i <br />7 Consent <br />Item Description.- Adopt Budget and Financial Policies <br />10 <br />11 <br />12 Introduction <br />13 On February 11, 2008, the City Council reviewed the six stan.din. g budget and financial <br />14 polices. The Council requested two minor changes which are identified in the attached marked- <br />15 up version of the policies. The policies included.- <br />1 <br />17 a ) Operating budget policy <br />18 b ) Capital improvement policy <br />19 c ) Debt policy <br />0 d Revenue policy <br />1 c Capital replacement policy <br />peratin. g fund reserve policy <br />3 <br />4 The requested changes included.- <br />5 <br />❑ Operating Budget Policy; bullet point 44 - added `fiscal' analysis <br />7 ❑ Operating Fund Reserve Policy - bullet point 46 was deleted <br />8 <br />It was also noted during the discussion that the Council wanted to review City Code Section. <br />30 103.05, which establishes the threshold by which the City Manager must seek Council authority <br />31 to mule purchases. In. addition., the Council noted that other Council policies such as the City's <br />32 Professional Services Policies should be reviewed as well. These items will be scheduled at a <br />33 future Council meetin. g and are not addressed here. <br />34 <br />35 Attachments <br />3 <br />37 ❑ A 11achment A — Resolution adopting the Budget and Financial Policies <br />38 <br />39 Council Action Requested <br />4(O Motion to approve the attached resolution adopting the Budget and Financial Policies. <br />I <br />