1990.05.21 RESO 1990-0015 - Laserfiche WebLink

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12. Establish a Capital Facilities Fund for deposit of funds exceeding the reserve limits established in Articles 9 & 10 of this policy. 13. The city administrator is permitted to authorize budgeted expenditures up to $2,000. All unbudgeted and budgeted expenditures in excess of $2,000 must be approved by Council action identifying the source of revenue to be used. 14. Monthly financial reports shall be provided to the City Council. 15. The finance department shall assemble and maintain a fixed asset register of all assets equal to or in excess of $500. ib. The finance department shall strive to achieve an unqualified audit opinion and a Certificate of Achievement for Excellence in Financial Reporting as awarded by the Government Finance Officers Association. 17. All idle funds shall be invested in safe and liquid investment instruments for the purpose of maximizing interest earnings. Local financial institutions shall be given the opportunity to submit interest rate quotations. 18. Investment interest earnings should be proportionately distributed to all funds on the basis of average monthly cash balances. 19. A five (5) year capital improvements program shall be prepared which identifies needed public improvements and available funding sources. 20. Major capital improvements should be funded by debt issuance using referendum where required. 21. Assess 100% of public improvement costs to benefiting property or developer for new developments (exception - oversizing, watermain loopings, etc.). 22. The city should charge the maximum rate permissible on unpaid special assessments. 23. The equity remaining in debt sinking funds that have no outstanding liabilities should be transferred to a Permanent Improvement Revolving (PIR) fund. 24. Certificates of indebtedness should be utilized to fund major equipment purchases to offset the general tax levy for equipment rental.