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Policies <br />The City Council passed and <br />adopted a resolution establishing <br />various fiscal policies on May 15, <br />1984. The policies were established <br />to ensure the continuation of the <br />City's strong financial position. <br />Funds are established, budgeted, <br />and operated in compliance with <br />federal, state, and local <br />requirements. <br />General Policies <br />1. That the City of Louisville shall <br />calculate financial indicators <br />consistent with the International <br />City Management Association's <br />Financial Trend Monitoring <br />System. All indicators shall be <br />compiled each year before <br />preparation of the Annual <br />Budget. Each new year's <br />indicators shall be compared <br />with those indicators available <br />from past years, building a <br />historical record, up to a total of <br />ten (10) years. Any indicator <br />which shows a warning trend <br />when compared with the past <br />year, shall be more closely <br />analyzed for reasons why the <br />change has occurred. <br />2. The City of Louisville shall <br />annually inventory all of its <br />capital facilities, estimate their <br />remaining useful life and <br />replacement cost. (This shall <br />include streets, drainage <br />facilities, buildings, parks, <br />water and wastewater systems, <br />alleys, sidewalks, and curbs, <br />and traffic signals.) <br />3. As a provider of public <br />services, the City of Louisville <br />will seek to provide only public <br />services which citizens require <br />or support and for which they <br />are willing to pay. <br />4. The City will take positive steps <br />to improve the productivity of <br />its programs and employees, <br />and seek ways to eliminate <br />duplicative functions within the <br />City government and <br />semiautonomous agencies in <br />the community. <br />5. Although the City will finance <br />projects on a pay-as-you-go <br />basis, council may conclude, <br />based on a study of the <br />economy and other matters that <br />the most equitable way of <br />financing a project that benefits <br />the entire community will be <br />debt financing (pay -as -you - <br />use) in order to provide the <br />services in a timely manner. <br />6. During the annual budget <br />process, the City will reassess <br />services and service levels. <br />Council may seek citizen input <br />by surveys, citizens forums, <br />and similar methods for this <br />evaluation. <br />7 The City will not use long-term <br />debt to finance current <br />operations. Long-term <br />borrowing will be confined to <br />capital improvements or similar <br />projects with an extended life <br />which cannot be financed from <br />current revenues. <br />8. Debt payments shall not extend <br />beyond the estimated useful <br />life of the project being finance. <br />The City will try to keep the <br />average maturity of <br />10 <br />