2000 AGN FEB 29 I01 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT FOR COUNCIL WORKSHOP OF FEBRUARY 29, 2000 TO: HONORABLE MAYOR PRO -TEM A" CITY COUNCIL APPROVAL: HENRY T. GARCIA, CITY MANAGE FROM: AL HOLLIMAN, FINANCE DIRECTOR iov SUBJECT: FINANCE WORKSHOP AND MID -YEAR REVIEW DATE: FEBRUARY 23, 2000 BACKGROUND The City of Colton presently operates under a two-year budget cycle. While the budget is both an authoritative document and an effective planning tool, it is subject to variations in actual fiscal results. Because of this, many local governments (including Colton) typically prepare a "mid -year" financial report along with recommended budget adjustments to be approved by the City Council. This process also includes a status report on progress towards meeting our operating goals and objectives. Because Colton operates under the bi-ennial budget concept, it is contemplated that another financial report, status report on goals and objectives, and related recommended budget adjustments will be brought to the City Council for consideration prior to the beginning of the second year of the budget cycle (FY 2000/01). As a foundation of good financial management, every organization needs some basic financial policies. While the City of Colton has approved various such policies in the past, they are not contained in a readily locatable concise document, and some are in need of revision. Therefore, staff has prepared a separate bound document entitled, "City of Colton Financial Policies," to be considered for approval by the City Council. There has been much activity surrounding the City's various information systems (IS) needs, and a significant improvement in this area is still essential. Tonight's workshop will also focus on an update of our IS condition with recommendations to fully prepare Colton for the 21" Century.