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I. SUMMARY <br />Scope: <br />A Financial Management Plan serves two main purposes. It draws together in a single document the <br />City’s financial policies and establishes clear principles that should help both Staff and Council members <br />make consistent and informed financial decisions in an increasingly challenging fiscal environment. <br />Purpose: <br />The City of St. Anthony is responsible for the adequate funding of services desired by the public, including <br />the provision and maintenance of public facilities; to manage and plan municipal finances wisely, and to <br />carefully account for public funds. The City strives to meet the funding required to provide local <br />government services needed by the community. <br />The City will maintain or improve its infrastructure on a systematic basis to provide the community with <br />quality neighborhoods and enhanced property values. Prudent planners must develop adaptive policies <br />that provide citizens with the best possible service value within the prevailing financial context. <br />In order to achieve this purpose, this plan establishes City policy in the following areas: <br />Revenue Management Cash and Investments <br />Operating Reserve Budget <br />Capital Improvement Plan Debt Management <br />Accounting, Auditing, Financial Risk Management <br />Objectives: <br />To provide both short term and long term future financial sustainability by ensuring adequate <br />funding for providing services needed by the community. <br />To support the City Council’s policy-making by ensuring that important policy decisions are based <br />on accurate and complete information. <br />To provide logical principles to guide the decisions of the City Council and management. <br />To employ revenue policies, which prevent undue or unbalanced reliance on certain revenues; <br />distribute the cost of municipal services fairly; and provide adequate funding to operate desired <br />programs. <br />To provide essential public facilities and prevent deterioration of the City’s public facilities and <br />infrastructure. <br />To protect and enhance the City’s credit rating and prevent default on any municipal debt. <br />FINANCIAL MANAGEMENT POLICY <br />71