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<br />e <br /> <br />e <br /> <br />REOUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />AGENDA DATE REQUESTED March 23. 1992 <br /> <br />REQUESTED BY Jeff Litchfield <br /> <br />DEPARTMENT Director of Finance <br /> <br />REPORT <br /> <br />RESOLUTION <br /> <br />xx <br /> <br />ORDINANCE <br /> <br />EXHIBITS: Ordinance <br />Proposed Financial Management Policy <br /> <br />SUMMARY AND RECOMMENDATION <br /> <br />In conducting its daily business, the City of La Porte has come to operate <br />under a set of known but unwritten policies. Attached to the enclosed <br />ordinance is a "Financial Management Policy" that addresses these practices. <br /> <br />The policy puts on paper the majority of the financial issues that we <br />currently operate under. Staff believes that it would be in the city's best <br />interest to have these policies adopted by the City Council. <br /> <br />An excerpt from the policy cover page states: <br /> <br />"The City of La Porte Financial Management Policies provide a basic <br />framework for the overall fiscal management of the City. The <br />policies represent a foundation to address changing circumstances <br />and conditions, and assist in the decision making process. The <br />financial policies represent guidelines for evaluating both current <br />activities and proposals for future programs. <br /> <br />The Financial Management Policies reflect long-standing principles <br />and practices which have enabled the City to maintain its financial <br />stability. It is intended that the policies be reviewed annually so <br />that the guidelines represent a realistic, current framework for <br />public policy decisions. Policy statements are included for the <br />following areas: <br /> <br />Operating Budget <br />Revenue <br />Reserve <br />Debt <br />Capital Budget <br />Accounting <br />Investment" <br /> <br />The City will benefit in two ways from the adoption of these policies. First, <br />we will have a reference guide to refer to when dealing with financial issues, <br />and second, credit agencies such as Moody's and Standard and poor's, will see <br />evidence of the city's ability to properly manage its operations. <br /> <br />ACTION REQUIRED BY COUNCIL: <br /> <br />Adopt or deny the passage of the Ordinance regarding the city's Financial <br />Management Policies. <br /> <br />AVAILABILITY OF FUNDS: <br /> <br />GENERAL FUND <br /> <br />UTILITY FUND <br /> <br />OTHER <br /> <br />ACCOUNT NUMBER: N/A <br /> <br />FUNDS AVAILABLE: <br /> <br />YES <br /> <br />NO <br /> <br />APPROVED FOR CITY COUNCIL AGENDA <br /> <br />( <br />'" <br /> <br />i52L TL ~ <br /> <br />ROBERT T HERRERA <br />CITY MANAGER <br /> <br />0'" \t "~"b <br />DATE <br />