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<br /> <br /> <br /> <br /> <br />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 /> <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 /> <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 /> <br />In order to achieve this purpose, this plan establishes City policy in the following areas: <br /> <br />• Revenue Management • Cash and Investments <br />• Operating Reserve • Budget <br />• Capital Improvement Plan • Debt Management <br />• Accounting, Auditing, Financial • Risk Management <br /> <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 />• To ensure the protection of all City funds through a good system of financial planning and <br />accounting controls. <br />FINANCIAL MANAGEMENT POLICY <br />75