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FINANCIAL GOALS STATEMENT <br />In 1989-90, the City Council adopted a series of Financial Values that were utilized to develop the <br />budget. Since that time, those values have been modified. This restatement of Financial Goals will <br />identify and formalize the financial principles by which this organization will be guided and to which <br />it will adhere when preparing its annual Budget and Strategies, and conducting its day-to-day and <br />long-term fiscal affairs. <br />The initial phase of this process, implemented in 1999-2000, dealt specifically with budget <br />administration. The second phase, recommended to be implemented in 2000-01, would add a section <br />on Capital Financing and Debt Management. There will be additional recommended sections to <br />these Goals in the future in areas such as investments, purchasing, risk management, etc. <br />I. BUDGET ADMINISTRATION <br />A. General Revenue Management <br />1) City services should be self-supporting, to extent possible, depending on their <br />revenue generating capability. <br />2) New sources of revenue necessary to maintain the services desired by the <br />community, and to maintain the City's quality of life, will be identified and <br />recommended. <br />3) The City will diversify its revenue sources. <br />4) Ongoing evaluation of existing sources of revenue will be performed to <br />maximize the City's revenue base. <br />5) Fees will change frequently by small increments instead of infrequently by <br />large increments. <br />6) Fees will be increased or decreased when appropriate. <br />7) Costs of special services will be recovered through user fees. <br />8) Collection policies will be evaluated to maximize the application and fair <br />collection of all fees. <br />9) Grants and subsidies will be aggressively pursued and will be generally <br />directed to "non -recurring cost" programs and improvements. <br />B. Operating and Capital Expenditure Management <br />1) The City's first priority from available resources will always be payments on <br />its debt commitments. <br />2) Departments will provide quality services at a cost comparable to similar <br />private or public enterprises. <br />1 a2 <br />