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equipment and its original purchase cost. Interest earnings and sales of surplus <br />equipment as well as any related damage and insurance recoveries will be credited to <br />the Equipment Replacement Funds. <br />c) Reserves for replacing capital improvements and equipment (capital assets) will be <br />accumulated over the life of an asset on a "pay -as -you -use" basis. <br />d) The Council may designate specific fund balance or reserve levels apart from 3a <br />above for future development of capital projects, which it has determined to be in the <br />best long term interests of the City. <br />e) In addition to the designations noted above, fund balance levels will be sufficient to <br />meet funding requirements for projects approved in prior years which are carried <br />forward into the new year•, debt service reserve requirements; reserves for <br />encumbrances; and other reserves or designations required by contractual obligations, <br />state law, or generally accepted accounting principles. <br />f j Long-term financial planning methods will continually be evaluated and <br />implemented, such as a multi -year capital improvement program, and the use of <br />multi -year revenue and operating expense forecasting techniques. <br />g) Opportunities for consolidation of resources and activities with other agencies and <br />jurisdictions will be actively pursued. <br />4) Provision for Community Commitment <br />a) The community will be involved in development of budget strategies and <br />determination of appropriate levels of service. <br />b) Staff will continually recommend and find funding for programs and projects that <br />improve the quality of life or otherwise benefit the welfare, health, and safety of the <br />community. <br />c) The City will work in partnership with the residential, business, commercial and <br />education communities. <br />G:\Budget\1999-2000\FinGoals-Final <br />TH:mmc as of 7/22/99 <br />3 <br />