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Revenues <br />o Purpose- to ensure that the City is managing public revenues in a manner that <br />provides maximum service value to the community and ensures a diversified and <br />stable revenue system. The two major sources of city revenues are property taxes <br />and fees/charges. <br />Accounting, Auditing, and Financial Reporting <br />o Purpose- to provide accurate, current, and meaningful information about the <br />City’s operations in order to guide decision making, and to enhance and protect <br />the City’s financial position. <br />Capital Improvement <br />o Purpose- to identify and ensure that capital expenditures can be made when <br />needed, without significant fluctuations in the property tax levy. <br />Risk Management <br />o Purpose- to ensure the best coverage in the most economical manner and to <br />minimize exposure to risk. <br />Before revising the manual, staff would like Council’s feedback regarding a few items including: <br />1.Any specific items that Council wants to make certain are addressed in the fiscal sections <br />listed above, or any other fiscal sections that the Council would like included in the <br />manual. <br />2.Direction on updating the purchasing limit before needing Council approval. The <br />current purchasing limit is $1,000. This has not been updated since 1989. The League <br />of Minnesota Cities best practices reference city managers can make contracts for <br />purchases in the amount of $20,000 or less. (See Page 14 of LMC Handbook Chapter 22: <br />Expenditures, Purchasing, and Contracts).