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Fiscal Policies 10. Total general obligation debt will not exceed three percent (3%) of the actual value of the taxable property within the City. 11. The City of Louisville will not utilize lease purchasing except in the case of an extreme financial emergency with specific approval of the City Council. If lease purchasing is approved by Council, the useful life of the item must be equal to or greater than the length of the lease. No lease purchase will be approved by City Council beyond a five (5) year lease term. Revenue Policies 12. The City of Louisville will maintain a diversified revenue system to protect it from short -run fluctuations in any one revenue source. 13. State and Federal funds may be utilized, but only when the City can be assured that the total costs and requirements of accepting funds are known and judged not to adversely impact the City's general fund. 14. The City Council policy is that user charges will be established so that operating revenues are at least equal to the direct and indirect operating costs. Indirect costs will include the cost of annual depreciation of capital assets. 15. The City of Louisville will set fees for recreational services at a level to support seventy-five percent (75%) of the direct and indirect costs of children's programs. Non- resident recreation participants will pay the regular program fees plus an additional fee of 25% or 55.00, whichever is higher. (As amended March 18, 1997, Resolution No. 19) 16. The City will annually review all fees for licenses, permits, fines, and other miscellaneous charges. They will be adjusted as necessary after considering inflation, processing time, expense to the City, and any other factors pertinent to the specific item. 17. Non -sufficient funds checks will be assessed a collection charge of fifteen dollars ($15.00). The amount of collection charge may be 10 reviewed and changed as deemed necessary by the Director of Finance. 18. The City of Louisville will project revenues for the next five years and will update this projection annually. Each existing and potential revenue source will be examined annually. 19. Water and Sewer capital revenues will not be used to pay for operating expenses. They will be used solely for the water and sewer improvements and system expansion. Operating Budget Policies 20. The City of Louisville will maintain a budgetary control system to help it adhere to the budget. The City will prepare monthly status reports and quarterly financial reports comparing actual revenues and expenditures to budgeted amounts. Where practical, the City will develop performance measures to be included in the annual operating budget. 21. The City of Louisville will provide for adequate maintenance of capital plant and equipment, and for their orderly replacement. 22. The City will strive to pay prevailing market rates of pay to its employees. Prevailing market rate is defined to include both salary and fringe benefits. 23. The City of Louisville should not incur .an operating deficit. 24. The City will pay for all current expenditures with current revenues. The City's General Fund budget will not be balanced through the use of transfers from other funds, appropriauons from fund balances or growth revenue. (As amended January 7, 1986, Resolution No. 1 and March 18, 1997, Resolution No. 19) 25. The City of Louisville will project expenditures for the next five (5) years and will update these projections annually. Projections will include estimated operating costs of future capital improvements that are