RES 97057 - Laserfiche WebLink

Repairs and Maintenance, Materials, Supplies and Services; and Capital Outlay. All budget transfers require the approval of the City Manager or designee except those affecting personnel and capital outlay which must be approved by the City Manager. Budget transfers required to hire additional permanent personnel require the City Conncil's approval. · The City will fully fund accrued unused vacation annually. The City will periodically update replacement and maintenance financing plans, and incorporate them into the Budget. t~. F. DEBT REE ERV E POLICIES The City will limit the use of debt so as not to place a burden on the fiscal resources of the City and its taxpayers. · The City will limit long-term borrowing to capital improvements or projects that cannot be financed from current revenues. · When capital projects are fmanced, the City will amortize the debt ':/ill be paid back within a period not to exceed the expected useful life of the project. · The City will attempt to limit the debt ratio (debt guaranteed by the g,c~,~al-timd General Fund) to 10%. The debt ratio is calculated by the relationship between the debt and the gei~ml-fi~mt General Fund revenue. · Whenever possible, the City will investigate the use of special assessment, revenue or other self-supporting bonds to limit the ~ General Fund obligation for debt service payments. · The City will not use long-term debt for current operations. The City will not use short-term borrowing to support routine operations, provided however, that it may be used to meet temporary cash flow needs. · The City will maintain good- strong communications with bond rating agencies about the City's aur financial condition and will follow a policy of full disclosure on evet~ financial reports and bond prospectus. The City will strive to maintain or improve the City's bond rating. The City will utilize inter-fund loans when possible to reduce the cost of ~nancing capital improvements. CAPITAL IMPROVEMENT POLICIES