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City Council Regular Meeting Minutes • December 11, 2000 Page 3 1 Morrison noted that the City has not had a review of its investment practices and Staff and the 2 City Council thought that an independent analysis would appropriate. 3 Motion by Sparks to approve Resolution 00-094, a Resolution Approving a Proposal for Invest- 4 ment Policy Review. 5 Motion carried unanimously. 6 B. Review of City's Fiscal Policy. - 7 Roger Larson, Finance Manager, addressed the Council. Mr. Larson directed the Council's at- 8 tention to page 31 of the agenda packets. This plan was part of the goal-setting plan for the City. 9 Many of the items that are covered in this plan have always been done by the City; however, a 10 formal plan was not set out until this year. I 1 Mr. Larson mentioned that the document presented is differentiated into many different catego- 12 ries. He further explained that the Financial Management Plan serves two main purposes. It 13 draws together in a single document the City's financial policies and establishes clear principles that should help both Staff and Councilmembers make consistent and informed financial deci- sions in anincreasingly challenging fiscal environment. 16 Sparks questioned a paragraph on page 34 of the agenda packets regarding property taxes. She 17 inquired whether the City would be keeping within the guidelines in the current budget plan, or if 18 this paragraph indicated a variation from those property tax guidelines presented earlier at the 19 Truth in Taxation Meeting. 20 Mornson and Mr. Larson explained that the language in the paragraph on page 34 of the agenda 21 packets was simply a goal for the City. 22 Various discussion ensued amongst the Councilmembers regarding the City's policies and pro- 23 posed guidelines. Hodson expressed his opinion that Mr. Larson had prepared an excellent 24 report, and further noted that the report would be a valuable tool throughout the year. Hodson 25 felt reassured,-however,-that the.document was not cast in stone,but rather an excellent guideline 26 from which to work. 27 Cavanaugh thanked Mr. Larson for his presentation. 28 XI. REPORTS FROM CITY MANAGER AND COUNCILMEMBERS. 29 City Manager's report: •0 1. The Police Department has completed the compliance checks in the City. For the second 31 year in a row, the compliance rate was at 100%.