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LETTER OF TRANSMZTTAL <br />The Honorable Mayor and City Council: <br />Submitted herewith is the adopted 1990 Annual Budget. <br />The 1990 Budget draws on the City's tradition of being fiscally , <br />conservative, yet progressive in finding solutions to fiscal ' <br />problems. This tradition is embodied in two main goals: <br />1. To provide a well planned, well managed means of ineeting the <br />City's needs now and in the future. <br />2. To obtain the best possible credit rating. <br />A high credit rating is important for two reasons. First, it can <br />mean significant savings on the cost of debt through lower <br />borrowing rates. Secondly, it serves as a measure of the finan- <br />cial strength of the community. This is an important part of the <br />City's efforts to maintain and increase the public's confidence <br />in the City's commitment to sound management. <br />The fiscally conservative direction of the budget is further <br />reflected in three major aspects of the budget. First, a hold <br />has been placed on additional full-time personnel. Second, steps <br />have been taken to put the City's equipment replacement program <br />on to an orderly schedule that follows the expected service lives <br />of the equipment. Third, the budget includes a proposal to <br />better provide for the long-term maintenance, repair and replace- <br />ment of the City's capital plant and facilities. <br />The budget document consists of three sections. <br />Section I is the Introductory section, and contains the Table of <br />Contents and Letter of Transmittal. The Letter of Transmittal <br />includes a discussion of the overall direction of the budget, an <br />explanation of several major proposals included in the budget, <br />and a budget overview section containing summary information on <br />tax levy, revenues, and expenditures. <br />Section II is the Fiscal Policies section. This section includes <br />a set of policies to guide the City's financial planning and <br />decision making. A major new step in the budget process is the <br />Council's consideration of the adoption of these policies. <br />Section III is the Program Budget section, and contains the pro- <br />gram descriptions and budget information for the individual pro- <br />grams. <br />A1 <br />