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Department Approval <br />��� <br />Item Description: <br />1� � <br />��'"'' <br />REQUEST FOR COUNCIL ACTION <br />Consider Adopting Revised Financial Policies <br />Date: 09/14/15 <br />Item No.: 8.h <br />City Manager Approval <br />BACKGROUND <br />At the August 17, 2015 Council meeting, the Council held a joint meeting with the Finance <br />Commission to review the Commission's activities and conduct related discussions. At the meeting, <br />the Commission submitted a number of revised financial policies for Council consideration including: <br />i <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />Debt Policy <br />Operating Budget Policy <br />Revenue Policy <br />Accounting & Auditing Policy <br />Investment Policy <br />Capital Investment Policy <br />Operating Cash Reserve Policy (previously revised in the Fall, 2014) <br />The Council is asked to adopt the revised policies by resolution. These policies, as recommended by <br />the Commission are included in markup form in the attached resolution (Attachment A). <br />POLICY OBJECTIVE <br />� The City's financial policies are consistent with governmental finance best practices as well as <br />previously-adopted Council actions. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />Staff recommends the Council adopt the revised financial policies as submitted. <br />REQUESTED COUNCIL ACTION <br />� Motion to approve the attached resolution adopting revised financial policies. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution Adopting Revised Financial Policies <br />Page 1 of 19 <br />