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EXPENDITURE AND BUDGETING POLICIES <br /> • The operating budget will be prepared to fund current year expenditures with <br /> current year revenue. However, surplus fund balances may be used to increase <br /> reserves, fund Capital Improvement Projects, or be carried forward to fund future <br /> years' operating budgets when necessary to stabilize services and fund capital <br /> outlay. <br /> • The City will deliver service in the most effective manner, including utilizing the <br /> services of volunteers in areas where it is economically viable. <br /> • The budget will state the objectives of the operating programs, and identify the <br /> service and resources being provided to accomplish the specified objectives. <br /> • The budget will fully account for and apportion all costs, fees, and General Fund <br /> transfers associated with the Enterprise Funds. <br /> • Department expenditures are limited to: <br /> • Budgeted expenditures approved by the City Council as appropriated by <br /> major category <br /> • Employee Services; Transportation and Training <br /> • Repairs and Maintenance, Materials, Supplies and Services; and Capital <br /> Outlay. <br /> • All budget transfers require the approval of the City Manager or designee <br /> except those affecting personnel and capital outlay, which must be approved <br /> by the City Manager. <br /> • Budget transfers required to hire additional permanent personnel require the <br /> City Council's approval. <br /> • The City will fully fund accrued unused vacation annually. <br /> • The City will periodically update replacement and maintenance financing plans, <br /> and incorporate them into the Budget. <br /> E. DEBT POLICIES <br /> • The City will limit the use of debt so as not to place a burden on the fiscal <br /> resources of the City and its taxpayers. <br /> • The City will limit long -term borrowing to capital improvements or projects that <br /> cannot be financed from current revenues. <br /> • When capital projects are financed, the City will amortize the debt within a period <br /> not to exceed the expected useful life of the project. <br /> • The City will attempt to limit the debt ratio (debt guaranteed by the General Fund) <br /> to 10 %. The debt ratio is calculated by the relationship between the debt and the <br /> General Fund revenue. <br /> • Whenever possible, the City will investigate the use of special assessment, <br /> revenue or other self- supporting bonds to limit the General Fund obligation for <br /> debt service payments. <br /> C -3 <br />