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<br /> <br /> <br /> <br /> <br />I. SUMMARY <br />Scope: <br />The purpose of a Financial Management Policy is to document the City’s financial policies. These policies <br />establish principles that allow both Staff and Council members make consistent and informed financial <br />decisions. <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, and to carefully account for public funds. The City <br />strives to meet the funding required to provide local government services needed by the community. <br /> <br />The City will maintain or improve its infrastructure on a systematic basis to ensure everyone in the <br />community has access to quality neighborhoods and high level City services. Prudent planners develop <br />adaptive policies that provide citizens with the best possible service value within the prevailing financial <br />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 />69