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��� ''� <br />��• �. <br />Date: 4/23/07 <br />Item: 10.c <br />Financial Policies <br />� � � * * Reprinted for continued discussion <br />on 4/23/07 <br />2 To: Mayor and City Council I I <br />3 _ inen, City Manager <br />4 t £:'iui� �Iiller, Finance Direct <br />5 Date: Apri116,2007 <br />6 Re: Preliminary Discussion on City Budget and Financial Policies <br />� <br />6 <br />� Introduction <br />��U As the Council is aware, the City recently completed a 20-year visioning process which outlined <br />I I a number of goals and strategies that conceptually, should guide budgeting decisions. However, <br />I� it is recognized that embarking on a 20-year strategy will likely require e�ended discussions to <br />I� prioritize the stated goals and to identify action steps. This process will likely e�end well past <br />i� the State-mandated September 1�'� deadline for submitting a preliminary 2008 Budget. <br />IS <br />9 F� <br />]7 <br />] #� <br />1� <br />2� <br />�l <br />�� <br />�� <br />�� <br />�5 <br />�� <br />�-� <br />2� <br />�4 <br />�� <br />�] <br />�� <br />3a <br />i� <br />�� <br />�6 <br />�� <br />�$ <br />34 <br />�� <br />Due to these time constraints, for the 2008 preliminarv Budget it is suggested that the Council <br />concentrate its efforts on budget and financial policies that can be used to provide direction to <br />Staff in formulating a recommended budget. Typically Staff delivers a recommended budget to <br />the Council in early July, which then allows for Council budget discussions in late July and <br />August, before finally adopting a preliminary budget by September ��'�. <br />In 2006, the Council conducted a series of goal-setting sessions that resulted in the formulation <br />of several goal statements. This included a budget-related goal statement that was revised at the <br />May 15,2006 City Council meeting to read as follows: <br />Establish a long-term financial plan that provides for the sustainability of City <br />progi^ams, services, and infi^asi�^ucture while maintaining the City's si�^ong <br />financial condition, and which provides for the necessary budgeting controls <br />under a streamlinedbudgetingprocess. <br />Within this goal statement, the Council expressed a desire to revisit the City's budget policies. <br />These policies include: <br />��} Operating budget policy <br />�� Capital improvement policy <br />�� Debt policy <br />� � Revenue policy <br />::� Asset replacement policy <br />�� Cash Reserve policy <br />