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REQUEST FOR COUNCIL ACTION <br /> Date: 05/13/2013 <br /> Item No.: 12.a <br />Department Approval City Manager Approval <br />Item Description: Adopt a Resolution Approving City Financial & Budget Policies <br />B <br />ACKGROUND <br />1 <br />At the February 25, 2013 City Council meeting the Council adopted the 2014/2015 Budget Calendar <br />2 <br />which calls for a review of the City’s Financial and Budget Policies. <br />3 <br />4 <br />In 2011 as part of the biennial budgeting process, the City Council adopted a number of financial and <br />5 <br />budget-related policies that helped guide the development of the annual Budget and the establishment <br />6 <br />of the annual property tax levy. These policies have traditionally been incorporated in the annual <br />7 <br />Budget document as a means of maintaining a historical record. <br />8 <br />9 <br />It is suggested that the Council revisit these policies to determine if any new position or direction is <br />10 <br />warranted. The applicable financial and budget-related policies include: <br />11 <br />12 <br />a)Operating budget policy <br />13 <br />b)Capital improvement policy <br />14 <br />c)Debt policy <br />15 <br />d)Revenue policy <br />16 <br />e)Capital replacement policy <br />17 <br />f)Operating fund reserve policy <br />18 <br />19 <br />Each of these policies is included in their current form in the attached resolution. <br />20 <br />PO <br />OLICYBJECTIVE <br />21 <br />The formal approval of financial and budget-related policies is consistent with the City’s Performance <br />22 <br />Management Program, prior Council actions, and industry-recommended practices. <br />23 <br />FI <br />INANCIAL MPACTS <br />24 <br />Not applicable. <br />25 <br />SR <br />TAFF ECOMMENDATION <br />26 <br />Staff has concluded that the existing financial and budget-related policies are consistent with <br />27 <br />previously-established community goals and aspirations and promotes long-term financial <br />28 <br />sustainability. As a result, Staff is not recommending any changes. Staff recommends the City Council <br />29 <br />adopt the attached resolution approving the City’s financial and budget-related policies. <br />30 <br />31 <br />Page 1 of 12 <br /> <br />