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Amendment to the Budget and Fiscal Policy <br />April 18, 2017 <br />Page 2 <br />be reduced from 10 percent to 5 percent of operating expenditures. Finally, the policy also allows <br />the use of one time funds to be used for balancing the budget if a structural budget deficit has <br />been identified. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #4 City Financial Stability — <br />Objective #1 (maintain a stable, efficient and transparent financial environment), Strategy D <br />(develop a fiscal health analysis tool that informs a department of its financial position in order to <br />assist in its decision making process). <br />FISCAL IMPACT <br />Revision of the Fiscal Policy will allow the City to utilize one time funds to address structural <br />budget challenges over the next few years. <br />��ll¢ecc�r /B �r sue* J� <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />Exhibit 1: Budget and Financial Policy (Revised — 2017) <br />Exhibit 2: Budget and Financial Policy (June 2012) <br />Exhibit 3: Government Finance Officers Association — Best Practice recommendation <br />65C -2 <br />