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Fiscal Policies included in the Capital Improvement Program budget. 26. Administrative Transfer Fee. The Administrative Transfer Fee is a payment from the utility funds to the General Fund for services provided by the General Fund. The amount of each year's transfer fee will be based on the estimated General Fund expenditures that are utility related. 27. The City of Louisville's Water and Sewer Funds will pay the General Fund a franchise fee for the utilization of public streets and rights of way. The fee will be a percent of the operating budget year's projected revenues. Reserve Policies 28. Policy 28 was Rescinded March 18, 1997, Resolution No. 19. New fund balance policies were created by Resolution No. 42, Series 1997 (Policies 45 through 47) 29. The City of Louisville will establish an equipment reserve fund and will appropriate funds to it annually to provide for timely replacement of equipment. 30. Policy No. 30 has been reserved for future use. Capital Improvement Policies 31. The City of Louisville will make all capital improvements in accordance with an adopted capital improvement program. 32. The City of Louisville will develop a multi- year plan for capital improvements and update it annually. 33. The City of Louisville will enact an annual capital budget based upon the Capital Improvement Program. This capital budget will be coordinated with the operating budget. 34. The City of Louisville will require that project costs be submitted with capital projects requests. "Full life" costs including operating, maintenance, and demolition, if any, should be listed. 11 35. The City of Louisville will project its equipment replacement and maintenance needs for the next five years to minimize future maintenance and replacement costs. 36. The City of Louisville vi11 maintain all its assets at a level adequate to protect the Citv's capital investment and to minimize future maintenance and future replacement costs. Investment Policies Policy 38 through Policy 40 (Amended January 21, 1986, Resolution No. 14; adopted June 7, 1988, Resolution No. 21; Rescinded No. 21; Rescinded December 19, 1989, Resolution No. 42) (Amended by Resolution No. 42, 1989) Scope — This investment policy applies to activities of the City with regard to investing the financial assets of all funds, including the following General Fund Special Revenues Funds Capital Projects Fund Enterprise Funds (Water, Sewer, and Golf Course Funds) Debt Service Funds Objectives — Funds of the City will be invested in accordance with State Law and in a manner designed to accomplish the following objectives: ensure the safety of funds, ensure that adequate funds are available at all times to meet the financial obligations of the City when due, earn a market rate of return on the funds available for investment throughout the budget cycle. Delegation of Authority — The Finance Director is designated as investment officer of the City and is responsible for investment decisions and activities, under the direction of the City Manager. Prudence — The standard of prudence to be applied by the investment officer shall be the "prudent person" rule, which states, "Investments shall be made with judgment and care, under