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<br /> <br />• To create a policy document for staff and Council members to refer to during financial planning, <br />budget preparation, and other financial management issues. <br /> <br /> <br />II. REVENUE MANAGEMENT <br />It is essential to manage the City’s revenue sources to provide maximum service value to the community. <br />Certain revenue sources, such as intergovernmental proceeds (LGA and other state aids) are outside of <br />direct City control and are consequently unaddressed by this policy. This policy establishes guidance for <br />the two major sources of City revenue: property taxes and fees/charges. <br /> <br />Property Taxes: <br />The property tax levy is the funding source for the gap between the cost of services and other city <br />revenues. The costs of City services, as annually defined and approved by the City Council will be funded <br />first by the City revenues and then by property tax levy. <br /> <br />Baseline parameters for determining the property tax levy include: <br /> <br />• Maintain current level of City Services <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 the City’s <br />bond rating. <br />Other Factors which can impact the annual Property tax levy included but are limited to the following <br />criteria: <br />• A clear expression of community expectation. <br />• The existence of community partnerships willing to share resources or cost. <br /> <br />Service Fees and Charges: <br />The City will establish service fees and charges wherever appropriate and to fairly allocate the full cost of <br />services to the users of those services. Specifically, the City will: <br /> <br />• Establish utility rates sufficient to fund both the operating costs and the replacement of capital <br />equipment items, plus maintain an adequate level of working capital. <br />70