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STAFF REPORT <br />TO:Mayor Keis and Members of City Council <br />FROM:Brenda Malinowski, Finance Director <br />DATE:April 5, 2019 <br />RE:Fiscal Policies <br />BACKGROUND: <br />Staff will be reviewing and updating the City of Little Canada fiscal policies in the next 60 days. <br />Fiscal policies found in several documents will be consolidated into one Fiscal Policies Manual. <br />The updated policies will be in conformance with federal and state requirements. A strong fiscal <br />policy manual will assist Council and staff in managing the City’s financial resources. <br />Listed below are the section and the purpose of each section that will be included in the manual. <br />Investments <br />o Purpose- to ensure the protection of principal, maintenance of cash flow, and an <br />acceptable rate of return. <br />Reserves (Fund Balance) <br />o Purpose- to maintain adequate fund reserves in order to promote the City’s long- <br />term financial stability, to provide for funding of unanticipated expenditures or <br />unforeseen emergencies, and to provide working capital for current operating <br />needs. <br />Budgetary and Financial Control (Purchasing Policy) <br />o Purpose- to obtain goods, materials, supplies and equipment at the lowest prices <br />and best value while using reasonable efforts that promote efficiency and <br />accountability for the disbursement of public funds. <br />o In addition, this policy will include sections regarding City Credit Cards and <br />Employee Reimbursements. <br />Debt Management <br />o Purpose- to establish conditions for the use of debt, to create policies that <br />minimize the City’s debt service and issuance costs, to retain a high credit rating <br />in the financial community, and to maintain full and complete financial disclosure <br />and reporting.