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• To provide essential public facilities and prevent deterioration of the City's public <br />facilities and infrastructure. <br />• To protect and enhance the City's credit rating and prevent default on any municipal <br />debt. <br />• To ensure the protection of all City funds through a good system of financial planning <br />and accounting controls. <br />• To create a document for staff and Council members can refer to during financial <br />planning, budget preparation, and other financial management issues. <br />II. REVENUE MANAGEMENT <br />It is essential to responsibly manage the City's revenue sources to provide maximum service <br />value to the community. Some revenue sources, such as intergovernmental transfers (LGA and <br />MVHC) are outside of direct City control and are consequently unaddressed by this policy. <br />This policy establishes guidance for the two major sources of City revenue: property taxes and <br />fees /charges. <br />Property Taxes: <br />The property tax rate will not be increased without exploring all other alternatives. Basic City <br />services, as annually defined and approved by the City Council, will be funded to the <br />maximum extent possible by increases in market valuation, (i.e., new tax base growth and <br />valuation increase). <br />Priorities for increasing the property tax rate include: <br />• Long -term protection of the City's infrastructure. <br />• Meeting legal mandates imposed by outside agencies. <br />• Maintaining adequate fund balance and reserve funds sufficient to maintain or improve <br />the City's bond rating. <br />Property tax rate increases to meet other purposes will be based on the following criteria: <br />• A clear expression of community need. <br />• The existence of community partnerships willing to share resources. <br />• Establishment of clearly defined objectives and measurements of success. <br />• Maintain current level of City Services. <br />Service Fees and Charges: <br />The City will establish service fees and charges wherever appropriate for the purpose of <br />keeping the property tax rate at a minimum and to fairly allocate the full cost of services to the <br />users of those services. Specifically, the City will: <br />2 <br />