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ILZCitvt�f <br />Louisville <br />COLORADO • SINCE 1878 <br />FINANCE COMMITTEE <br />COMMUNICATION <br />SUBJECT: <br />RECOMMENDATIONS FOR CHANGES TO FINANCIAL <br />POLICIES <br />DATE: AUGUST 17, 2018 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />On July 12 and August 2, the City Council held a Budget Retreat to discuss various topics, <br />including amendments to the Financial Policies. <br />Based on those (and previous) discussions, staff proposes to make changes to the <br />General Policies, Reserve Policies, and Revenue Policies. The proposed changes are <br />summarized in the following narrative and attached are redlined versions of the three <br />policies. <br />Policy Section 1 — General Policies <br />The amendments include minor changes to some of the financial indicator formulas to <br />better match the definitions within the Introductory Section. <br />Policy Section 2 — Reserve Policies <br />The amendment is to remove the targeted fund balance requirement from Section 2.2 — <br />Open Space & Parks Fund Reserves. <br />Policy Section 4 — Revenue Policies <br />The amendment is to allow for an across-the-board fee inflator for years in which a full <br />cost recalculation is not done. <br />FINANCE COMMITTEE COMMUNICATION <br />14 <br />