2000 FEB 29 ADJ ADJ REG MIN - Laserfiche WebLink

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(1) Maintain an unreserved and undesignated fund balance equivalent to 8 % of the General Funds' operating budget, adjusted annually. (2) Maintain a balanced operating budget for all governmental funds with on-going revenues equal to or greater than on-going expenditures. Appropriations of available fund balance will only be permitted for "one-time" non-recurring expenditures. (3) Assume that normal revenue inflation and/or growth will go to pay normal inflation expenditures. In no event will normal expenditure increases be approved with exceed normal revenue inflation and/or growth. Any new or expanded programs will be required to identify new funding sources and/or offsetting reductions in expenditures in other programs. (4) Require all Enterprise Funds to have revenues sufficient to meet all cash operating expenses, depreciation expense (excluding depreciation from assets acquired through aid in construction), prescribed cash reserves per financial policies, and debt service coverage requirements (5) Maintain appropriate reserves in the General Liability Insurance Fund and the Worker's Compensation Fund to meet statutory requirements and actuarially projected needs. (6) Maintain a cash working capital reserve which could support 45 days of operation for each Enterprise Fund on an individual basis, as approved by the City Council. (7) Maintain a long-range fiscal perspective through the use of a biennial operating budget and a five-year business plan. (8) Comply with all requirements of "Generally Accepted Accounting Principles" with all laws and regulations related to financial reporting. (9) An investment policy shall be updated and ratified in accordance with state law and a separate document evidencing such policy shall be maintained by the City Treasurer. (10) A debt policy, evidenced by a separate document, shall be maintained and updated as necessary On revenues, Finance Director Holliman reported the sales tax was 20% ahead of the same quarter a year ago. He projected a conservative 11 % increase over last year's results, namely, $793,000 for this year in sales tax alone. For fiscal year 1999-2000, he projected $1.1 million ahead on the revenue side. Discussion followed on the MRC report regarding stable growth and the line items regarding fines, forfeitures and booking fees and ERAF funds. On expenses, Director Holliman reported the general fund was only 46% expended for the first half of the fiscal year; however, he expected that monies budgeted would be spent. Director Holliman presented the following recommendations for use of surplus funds. City Council Adj Mins Feb 29, 2000 2