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REQUEST FOR COUNCIL ACTION <br />Date: 7/17/2006 <br />Item No: 7. <br />Department Approval: Manager Approved: Agenda Section: <br />��� � �� � <br />��� �� Staff Reports <br />Item Description: Discussion on Budget Policies <br />Introduction <br />At the May 15, 2006 City Council meeting, the Council revised a budget-related goal statement <br />that had been identified at a previous goal-setting meeting. The revised goal is as follows: <br />Establish a long-teNm financial plan that pNOVides foN the sustainability of City <br />pNOgNams, se�vices, and infNastNUCtuNe while maintaining the City's stNOng <br />financial condition, and which pNOVides foN the necessa�y budgeting contNOls <br />undeN a stNeamlined budgeting pNOCess. <br />Within this goal statement, the Council expressed a desire to revisit the City's budget policies. <br />These policies include: <br />a) Operating budget policy <br />b) Capital improvement policy <br />c) Debt policy <br />d) Revenue policy <br />e) Asset replacementpolicy <br />� Cash Reserve policy <br />It is believed that these policies were last discussed in a comprehensive manner at a City Council <br />meeting in 1997 or 1998. Therefore, in an effort to stimulate the discussion and at the request of <br />the Council, City Staff has presented the policies in markup form which reflect Staffs <br />recommended revisions. Where applicable, Staff has also included comments. <br />Request for Council Action <br />The Council is asked for feedback on any suggested revisions to the attached budget policies <br />