Laserfiche WebLink
B. RESERVE POLICIES <br /> <br />The City will establish, dedicate and maintain reserves <br />annually to meet known and estimated future obligations. <br /> <br />The Specific Reserve Accounts include but are not limited to <br />restricted reserves for the following: <br /> <br />Operating Reserve equal to 10% of the operating <br /> expenditures <br />Totally Funded Workers Compensation <br />Liability Insurance <br />Estimated cost of Retirees Medical Payments <br />Depreciation and replacement of vehicles and major <br /> equipment <br />Major maintenance of Buildings, such as reroofing, etc. <br /> <br />C. EXPENDITLrRE AND BUDGETING POLICIES <br /> <br />The operating budget (with the exception of enterprise funds) <br />will be prepared to fund current year expenditures with <br />current year revenue. <br /> <br />Department Expenditures are limited to: <br /> <br />Budgeted expenditures approved by the City Council as <br />appropriated by major category: <br /> Employee Services; Travel and Transportation; <br /> Repairs and Maintenance, Materials, Supplies and <br /> Services; and Capital Outlay. <br /> <br />Ail budget transfers require the approval of the City <br />Manager or designee except those affecting personnel and <br />capital outlay which must be approved by the City <br />Manager. <br /> <br />Budget transfers required to hire additional permanent <br />personnel require the City Council's approval. <br /> <br />City will fully fund accrued unused vacation annually. <br /> <br />D. DEBT RESERVE POLICIES <br /> <br />· The City will limit long-term borrowing to capital <br /> improvements or projects that cannot be financed from current <br /> revenues. <br /> <br />When capital projects are financed, the debt will be paid <br />back within a period not to exceed the expected useful life <br />of the project. <br /> <br /> <br />