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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JUNE 6, 2017 <br />TITLE: <br />APPROVE MODIFICATIONS TO THE <br />CITY'S BUDGET AND FINANCIAL <br />POLICIES <br />{STRATEGIC PLAN NO.4, 11 <br />CI MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1sl Reading <br />❑ Ordinance on 2"d Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Approve the revised Budget and Financial Policies, which includes the following elements: <br />1. Operating Reserve <br />Modify the operating reserve to require a range of two months (16.67%) to a maximum <br />of 20% operating reserve. Provide language that operating reserves cannot be used to <br />cover budgetary shortfalls unless a fiscal emergency or fiscal crisis is declared by the <br />City Council. <br />2. One Time Revenue <br />Allow the use of one-time revenue to offset structural deficits for one-year. <br />Additionally, approve the use of one-time revenue for a concurrent second year, <br />subject to two-thirds approval by the City Council. <br />3. Updated Terminology <br />Amend the current policy to include terminology utilized in the Budget and Fiscal <br />Policy consistent with the terms utilized in the City's Comprehensive Annual Financial <br />Report. <br />Alternative Option <br />Do not approve revisions to the existing Budget and Financial Policies. Direct staff to develop a <br />budget in accordance to the existing policy for Council consideration. <br />ECONOMIC DEVELOPMENT, INFRASTRUCTURE, BUDGET AND TECHNOLOGY COUNCIL <br />COMMITTEE ACTION <br />At its meeting on May 15, 2017, the Council Committee recommended elements 1 and 2 of the <br />staff recommendation. <br />65C-1 <br />