2006 BUDGET (364 pgs) - Laserfiche WebLink

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Fiscal Policies Reserve Policies 21. The City of Louisville will provide for adequate maintenance of capital plant and 28. Policy 28 was Rescinded March 18, 1997, equipment, and for their orderly Resolution No. 19. New fund balance replacement. policies were created by Resolution No. 42, Series 1997 (Policies 45 through 47) 22. The City will strive to pay prevailing market rates of pay to its employees. 29. The City of Louisville will establish an Prevailing market rate is defined to include equipment reserve fund and will both salary and fringe benefits. appropriate funds to it annually to provide for timely replacement of equipment. 23. The City of Louisville should not incur an operating deficit. 30. Policy No. 30 has been reserved for future use. 24. The City will pay for all current expenditures with current revenues. The Capital Improvement Policies City's General Fund budget will not be balanced through the use of transfers from 31. The City of Louisville will make all capital other funds, appropriations from fund improvements in accordance with an balances or growth revenue. (As amended adopted capital improvement program. January 7, 1986, Resolution No.1 and March 18, 1997, Resolution No. 19) 32. The City of Louisville will develop a multi- year plan for capital improvements and 25. The City of Louisville will project update it annually. expenditures for the next five (5) years and will update these projections annually. 33. The City of Louisville will enact an annual Projections will include estimated capital budget based upon the Capital operating costs of future capital Improvement Program. This capital improvements that are included in the budget will be coordinated with the Capital Improvement Program budget. operating budget. 26. Administrative Transfer Fee. The 34. The City of Louisville will require that Administrative Transfer Fee is a payment project costs be submitted with capital from the utility funds to the General Fund projects requests. "Full life" costs for services provided by the General Fund. including operating, maintenance, and The amount of each year's transfer fee will demolition, if any, should be listed. be based on the estimated General Fund expenditures that are utility related. 35. The City of Louisville will project its equipment replacement and maintenance 27. The City of Louisville's Water and Sewer needs for the next five years to minimize Funds will pay the General Fund a future maintenance and replacement costs. franchise fee for the utilization of public streets and rights of way. The fee will be a 36. The City of Louisville will maintain all its percent of the operating budget year's assets at a level adequate to protect the projected revenues. City's capital investment and to minimize future maintenance and future replacement costs. 13