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I. OPERATING BUDGET POLICIES <br /> A. PURPOSE <br /> The operating budget policies ensure that the city's annual operating <br /> expenditures are consistent with past expenditures and respond to long -term <br /> objectives rather than short -term benefits. The policies allow the city to <br /> maintain a stable level of services, expenditures and tax levies over time. <br /> These policies are most critical to programs funded with property tax <br /> revenues because accommodating large fluctuations in this revenue source is <br /> difficult. <br /> B. POLICY <br /> The city will pay for current expenditures with current revenues. <br /> The city will avoid balancing current revenues with funds necessary for <br /> future expenses. <br /> The city will not budget to accrue future revenues. <br /> The city will avoid postponing expenditures, rolling over short -term debt <br /> and using reserves to balance the operating budget. <br /> The city will budget to maintain and replace the capital plant and <br /> equipment. <br /> The city will apportion its administrative and general government costs to <br /> all its funds as appropriate and practical. These charges will be <br /> identified in the annual budget. <br /> The city will budget a contingency to draw upon if revenues fall short of <br /> expenditures due to unanticipated circumstances. <br /> The city staff will prepare quarterly financial reports comparing budgeted <br /> expenditures and actual expenditures to assure adherence to the budget. <br /> The city staff will monitor departmental expenditures to adhere to the <br /> budgeted amount. <br />