Laserfiche WebLink
REQUEST FOR CITY COUNCILAGENDA ITEM <br />Agenda Date Requested:November12, 2012Appropriation <br />Requested By:Michael Dolby, CPA, Director of FinanceSource of Funds: <br />Department:FINANCEAccount Number: <br />Report:Resolution:XOrdinance:Amount Budgeted: <br />Exhibits:ResolutionAmount Requested: <br />Exhibits:Financial Management PoliciesBudgeted Item:YESNO <br />SUMMARY & RECOMMENDATION <br />The City of La Porte Financial Management Policies provide a basic framework for the overall <br />fiscal management of the City. The policies represent a foundation to address changing <br />circumstances and conditions, and assist in the decision making process. The financial policies <br />represent guidelines for evaluating both current activities and proposals for future programs. <br />The Financial Management Policies reflect long-standing principles and practices, which have <br />enabled the City to maintain its financial stability. It is intended that staff review the policies <br />annually so that the guidelines represent a realistic, current framework for public policy <br />decisions. The policies are published in the Annual Budget document. <br />During the Fiscal Year 2013 budget development, the City Council requested that the policy be <br />updated to set a target of 90-120 days of working capitalfor the Utility Fund. Staff has <br />incorporated that request into the existing policy.Staff has previously reviewed the update to the <br />Financial Policies with the Fiscal Affairs Committee, and based on the committee’s <br />recommendations, is bringing the policies forward for Council’s approval. <br />Action Required by City Council: <br />Consider approval or other action of a resolution amendingFinancial ManagementPolicies. <br />Approved for City CouncilAgenda <br />Corby D. Alexander, City ManagerDate <br /> <br />