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I. SUMMARY Scope: A Financial Management Plan serves two main purposes. It draws together in a single document the City's financial policies and establishes clear principles that should help both Staff and Council members make consistent and informed financial decisions in an increasingly challenging fiscal environment. Purpose• The City of St. Anthony has an important responsibility to its citizens to plan the adequate funding of services desired by the public, including the provision and maintenance of public facilities; to manage and plan municipal finances wisely, and to carefully account for public funds. The City strives to ensure that it is capable of funding and providing local government services needed by the community. The City will maintain or improve its infrastructure on a systematic basis to provide the community with quality neighborhoods and enhanced property values. Prudent planners must develop adaptive policies that provide citizens with the best possible service value within the prevailing financial context. In order to achieve this purpose, this plan establishes City policy in the following areas: Revenue Management Cash and Investments Operating Reserve Budget Capital Improvement Plan Debt Management Accounting, Auditing, Financial Risk Management Objectives: To provide both short term and long term future financial sustainability by ensuring adequate funding for providing services needed by the community. To support the City Council's policy-making by ensuring that important policy decisions are based on accurate and complete information. To provide logical principles to guide the decisions of the City Council and management. To employ revenue policies, which prevent undue or unbalanced reliance on certain revenues; distribute the cost of municipal services fairly; and provide adequate funding to operate desired programs. To provide essential public facilities and prevent deterioration of the City's public facilities and infrastructure. To protect and enhance the City's credit rating and prevent default on any municipal debt. 1