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Department Approval <br />e,44,e. A",Y4 <br />qASFAbhE <br />REQUEST FOR COUNCIL ACTION <br />Date: 04/18/2011 <br />Item No.: 13.a <br />City Manager Approval <br />Item Description: Adopt a Resolution Approving City Financial &Budget Policies <br />1 BACKGROUND <br />z As recently as 2008, the City Council adopted a number of financial and budget - related policies that helped <br />s guide the development of the annual Budget and the establishment of the annual property tax levy. These <br />a policies have traditionally been incorporated in the annual Budget document as a means of maintaining a <br />s historical record. <br />6 <br />7 Given the recent change in the composition of the City Council as well as the current economic <br />s environment, it is suggested that the Council revisit these policies to determine if any new position or <br />s direction is warranted. The applicable financial and budget - related policies include: <br />10 <br />11 a) Operating budget policy <br />12 b) Capital improvement policy <br />13 c) Debt policy <br />14 d) Revenue policy <br />15 e) Capital replacement policy <br />16 fl Operating fund reserve policy <br />17 <br />18 Each of these policies is included in their current form in the attached resolution. <br />19 POLICY OBJECTIVE <br />20 The formal approval of financial and budget - related policies is consistent with prior Council actions <br />21 as well as industry- recommended practices. <br />22 FINANCIAL IMPACTS <br />23 Not applicable. <br />24 STAFF RECOMMENDATION <br />25 Staff Recommends the Council review, amend (if warranted), and adopt the attached resolution approving <br />26 the City's financial and budget - related policies. <br />27 <br />Page 1 of 13 <br />