2006 BUDGET (364 pgs) - Laserfiche WebLink

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Fiscal Policies Purpose 2. The City of Louisville shall annually inventory all of its Capital facilities, The purpose of the City of Louisville's Fiscal estimate their remaining useful life and Policies is to set guidelines for managing the replacement cost. This inventory shall fiscal affairs of the City. The policies will include streets, drainage facilities, commit the City to calculate specific buildings, parks, water and wastewater information about the City's current fiscal systems, alleys, sidewalks and curbs, traffic condition, and past and future trends, as well as signals, and any other real or personal provide guidelines for making fiscal decisions property items having and original cost of and assuring that the City continues to pursue $2,500 or more. (As amended July 7,1998, a financially prudent course. These policies Resolution No. 30) may be added to or modified by Council resolution. 3. As a provider of public services, the City of Louisville will seek to provide only Introduction public services that citizens require or support and for which they are willing to The City of Louisville is an organization pay. charged with providing a wide range of services (i.e., elections, drainage, streets, planning, 4. The City will take positive steps to engineering, police protection, parks, libraries, improve the productivity of its programs sewage treatment, water and recreation). and employees, and seek ways to eliminate Revenues to support these services are gathered duplicate functions within the City from a large number of sources including government and semi-autonomous agencies property taxes, user fees, fines, sales tax, in the community. franchise tax, State sources, and other. The City's Fiscal Policy Plan has been written in 5. Although the City will finance projects on order to help the City provide services in a a pay-as-you-go basis, Council may prudent manner within the bounds of available conclude, based on study of the economy revenue. and other matters that the most equitable way of financing a project that benefits the (Adopted May 15, 1984, Resolution No. 19) entire community will be debt financing (pay-as-you-use) in order to provide the General Polices services in a timely manner. 1. That the City of Louisville shall calculate 6. During the annual budget process, the City financial indicators consistent with will reassess services and service levels. Appendix "A". All indicators shall be Council may seek citizen input by surveys, compiled each year before preparation of citizen forums, and similar methods for the annual budget. Each new year's this evaluation. indicators shall be compared with those indicators available from past years Debt Policies building a historical record up to a total of ten (10) years. Any indicator, which shows 7. The City of Louisville will not use long- a warning trend when compared with the term debt to finance current operations. past year, shall be more closely analyzed Long-term borrowing will be confined to for reasons why the change has occurred. capital improvements or similar projects with an extended life, which cannot be financed from current revenues. 11