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FINANCIAL POLICY STATEMENTS <br />Bud eta and O eratin Policies <br />1) The City will adhere to all Federal, State and local legal requirements pertaining to the <br />operating budget. <br />2) The City will employ a structured budget preparation and formulation process that will be <br />used by all entities receiving funding from the City. The process employed will ensure <br />adequate citizen input and participation culminating with the public hearings held prior to <br />City Council adoption of the budget. <br />3} The City will maintain a budgetary control system (along with an encumbrance control <br />system) to ensure adherence to the budget. <br />4) Essential services will receive first priority for funding. The City will attempt to <br />maintain current service levels for all essential services. The City will identify <br />low priority services for reduction ar elimination, if necessary, before essential services <br />are affected. <br />5) The City will consider the establishment of new user fees or increases in existing fees as <br />an alternative to service reduction or elimination. <br />6) The City will continue to develop and izxzplement a multi-year plan for capital <br />improvement. <br />7) The City will pay for all current expenditures with current revenues. Long-term debt and <br />year-end undesignated fund balances will not be used for funding current expenditures. <br />8) The City will avoid budgetary procedures that balance current expenditures at the expense <br />of meeting future years' expenses, such as postponing necessary expenditures, accruing <br />future years' revenues or rolling over short-term debt. <br />9) The budget will provide for adequate maintenance of capital plant and equipment and far <br />their orderly replacement. <br />10) The budget will provide sufficient funding to cover annual debt retirement costs. <br />11) The City will consider technological and capital investment programs which are cost <br />effective and which will reduce operating costs as high funding priorities. <br />12) The City will employ a structured expenditure and revenue forecasting system to allow <br />far effective financial planning on a multi-year basis. <br />a-la <br />