2006 BUDGET (364 pgs) - Laserfiche WebLink

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Fiscal Policies 15. The City of Louisville will set fees for 8. Debt payments shall not extend beyond recreational services at a level to support the estimated useful life of the project seventy-five percent (75%) of the direct and being financed. The City will try to keep indirect costs of children's programs. Non- the average maturity of general obligation resident recreation participants will pay the bonds at or below twenty (20) years. regular program fees plus an additional fee of 25% or $5.00, whichever is higher. (As amended March 18, 1997, Resolution No. 9. The City of Louisville will maintain good 19) communications with bond rating agencies concerning its financial condition. 16. The City will annually review all fees for licenses, permits, fines, and other 10. Total general obligation debt will not miscellaneous charges. They will be exceed three percent (3%) of the actual adjusted as necessary after considering value of the taxable property within the inflation, processing time, expense to the City. City, and any other factors pertinent to the specific item. 11. The City of Louisville will not utilize lease purchasing except in the case of an extreme 17. Non-sufficient funds checks will be financial emergency with specific approval assessed a collection charge of fifteen of the City Council. If lease purchasing is dollars ($15.00). The amount of collection approved by Council, the useful life of the charge may be reviewed and changed as item must be equal to or greater than the deemed necessary by the Director of length of the lease. No lease purchase will Finance. be approved by City Council beyond a five (5) year lease term. 18. The City of Louisville will project revenues for the next five years and will Revenue Policies update this projection annually. Each existing and potential revenue source will 12. The City of Louisville will maintain a be examined annually. diversified revenue system to protect it from short-run fluctuations in anyone 19. Water and Sewer capital revenues will not revenue source. be used to pay for operating expenses. They will be used solely for the water and 13. State and Federal funds may be utilized, sewer improvements and system but only when the City can be assured that expanSlOn. the total costs and requirements of accepting funds are known and judged not OperatinQ BudQet Policies to adversely impact the City's general fund. 20. The City of Louisville will maintain a budgetary control system to help it adhere 14. The City Council policy is that user to the budget. The City will prepare charges will be established so that monthly status reports and quarterly operating revenues are at least equal to the financial reports comparing actual revenues direct and indirect operating costs. and expenditures to budgeted amounts. Indirect costs will include the cost of Where practical, the City will develop annual depreciation of capital assets. performance measures to be included in the annual operating budget. 12