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City Hall/Community Center project (a net zero dollar effect on the budget). A separate <br />Community Park(s) project has been identified in the upcoming two-year CIP with <br />funding reflected from "Condition 26" proceeds. <br /> <br />UPDATE OF CITY'S GENERAL FINANCIAL POLICIES <br /> <br />In 1991, the City Council adopted financial policies, which provide the framework for <br />many of the City's financial and budgetary actions. During 1995 and 1996, a citizen <br />subcommittee worked to draft the City's first Economic and Fiscal Element to the General <br />Plan, based on the previously adopted policies. This draft was approved with few <br />changes by the General Plan Steering Committee, and forwarded to Council for adoption <br />in 1996, along with other General Plan updates. Staff is now recommending that the <br />existing General Financial Policies be amended to conform to the new Economic and <br />Fiscal Element. <br /> <br />A draft of staffs recommended changes is contained in Appendix C. In summary, two <br />new sections were added, "General Policies", and "Cost of Services Policies". Several <br />new policy statements were added to the existing sections, and some of the existing <br />policy statements were enhanced. Staff is recommending that Council approve the <br />amendments as shown. <br /> <br />CONCLUSION <br /> <br />This third quarter report reflects a significant increase in projected sales taxes, the <br />close-out of the General Fund's Capital and Undesignated Reserves for CIP purposes, and <br />a few minor other amendments and corrections. The assumptions made in the third <br />quarter report are consistent with the assumptions staff made when preparing the <br />upcoming two year budget. <br /> <br />Respectfully submitted, <br /> <br />Susan Rossi Deborah Acosta <br />Director of Finance City Manager <br /> <br />sr97:176 <br /> <br /> 5 <br />SR97176 <br /> <br /> <br />