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Regular City Council Meeting Minutes Monday, April 23, 2007 Page 24 Mr. Schwartz advised that it was his understanding from recent meet- ings with MnDOT that they would put off the closure for the comple- tion of this proposed study. c. Financial Policies - Direction regarding Financial Policies for Budget Preparation Finance Director Chris Miller summarized the staff report dated April 23, 2007 outlining preliminary discussions on the City's budget and financial policies; and incorporating the goals of the Imagine Rose- ville 2025 community visioning process. Mr. Miller noted that, while it would take time for the City Council and staff to prioritize those goals and strategies, staff was beginning to incorporate them into planning processes. Mr. Miller cautioned, however, the need for the City Council to establish a preliminary 2008 budget levy by Septem- ber 15, 2007. Mr. Miller noted that staff, at the Department Head level, was just starting their budgeting process, and was seeking gen- eral direction from the City Council in conjunction with that staff process. Mr. Miller provided specific budget and policies, with notes and comments related to language revisions; instances where past and/or current practice had veered from the established policy; and applica- tion considerations to initiate City Council discussion. City Manager Malinen concurred with Mr. Miller's observations; and emphasized that these policies were foundational to preparation of a budget from the City Manager's perspective. Mr. Malinen requested that the City Council discuss, deliberate and, through adoption of a formal resolution for each policy, memorialize their goals and make them formal policies. Mr. Malinen opined that this would make the policies easier to track and incorporate into the budget process, and would ultimately drive the budget preparation emphasizing areas of significance (i.e., reserve funds) that may not be in compliance with the City's own policy. Mr. Malinen advised that it was his intent to prepare and present a budget in line with established City policy, which could create some discrepancies if those policies were not clear and concise.