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SUBJECT: FINANCIAL POLICIES <br />DATE: DECEMBER 15, 2020 PAGE 2 OF 3 <br />The current set of financial policies include an Introduction Section and the following eight <br />Policy Sections: <br />1. General Policies <br />2. Reserve Policies <br />3. Debt Policies <br />4. Revenue Policies <br />5. Operating Budget Policies <br />6. Investment Policies <br />7. Capital Asset Management Policies <br />8. Accounting, Auditing, and Financial Reporting Policies <br />POLICY SUMMARY <br />Below is a brief summary of some of the main elements within each policy section. <br />Introduction <br />• Contains a list of definitions related to all policy sections. <br />General Policies <br />• Requires a set of financial indicators to be calculated and disclosed in the City's <br />biennial budget document. <br />Reserve Policies <br />• Defines both minimum and targeted reserve levels for the General Fund, the Open <br />Space & Parks Fund, the Cemetery Fund, the Utility Funds, the Recreation Fund, <br />and the Golf Course Fund. <br />• Defines the formulas for calculating the annual recurring transfers from the General <br />Fund to the Open Space & Parks Fund, the Cemetery Fund, and the Recreation <br />Fund. <br />Debt Policies <br />• Discusses factors which may favor "pay-as-you-go" financing and those that may <br />favor "pay -as -you -use" financing. <br />• Discusses and recommends general debt financing structures and methods of <br />sale. <br />• Specifically excludes debt issued by the Urban Revitalization District. <br />• Discusses debt structures, methods of sale, and arbitrage management. <br />CITY COUNCIL COMMUNICATION <br />15 <br />