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MUNERIM law <br />Key elements in providing long term stability include; partnering with the various bargaining <br />units toshare the burden on pension and medical costs, implementation ofinnovation and <br />efficiency rneasVm8S, refinancing of existing debt to save millions in debt Service costs, <br />adjusting rates to recover millions in jail cost savings, and partnering with the Orange County <br />Fire Authority for the delivery of Fire and Emergency Medical services, <br />During the budget process for FY 2012-13, the City committed toestablishing @fundamental <br />strategy ofbalancing budgets by adopting a6mrrna| Budget and Financial Policy (Policy), which <br />provides guidelines for a balanced budget approach, use of one-time funds, and appropriate <br />reserve levels as recommended by the Government Finance Officers Association /GFQA\. <br />Since its approval, the City has achieved a 2Q96reserve level and has established anEconomic <br />Uncertainty account, However, on May 2, I017, the City forecasted e structural deficit for <br />both FY 17-18 and FY 18-I8. In order to address the deficit and a||ovv for an opportunity to <br />develop and implement strategies, staff recommended changes inthe fiscal policy to a||ovv <br />the use of one-time revenue to balance the budget. <br />Unaddition, the Policy maintains base elements ufproviding @ balanced budget including that <br />ongoing revenues should match ongoing expenditures, as well as that one time funds may <br />only beused for one-time non-recurring expenditures orterm specific projects orprognsrns. <br />The revised Policy addresses times that the City may encounter structural challenges, in <br />addition, the Policy will now include terminology and define one-time funds such esthe <br />ending operating balance, operating reserve account, and the unallocated amount. The <br />Policy was approved onJune 2D17. <br />lilt <br />