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SUBJECT: <br />FINANCIAL POLICIES <br />DATE: <br />JULY 16, 2019 <br />PAGE 5 OF 5 <br />Policy Section 5 — Operating Budget Policies <br />The proposed amendments include minor narrative changes due a six -year (versus five- <br />year) Capital Improvement Program, a six -year (versus five-year) Long -Term Financial <br />Plan, a biennial (versus annual) budget process, and quarterly (versus monthly) Finance <br />Committee financial reports. <br />Policy Section 7 — Capital Asset Investment & Management Policies <br />The proposed amendments include minor narrative changes due a six -year (versus five- <br />year) Capital Improvement Program and a biennial (versus annual) budget process. <br />Policy Section 8 — Accounting, Auditing, & Financial Reporting Policies <br />The proposed amendments include minor narrative changes due quarterly (versus <br />monthly) Finance Committee financial reports. The proposed Amendments also <br />proposes to increase the capitalization threshold from $5,000 to $10,000. <br />RECOMMENDATION: <br />Staff requests the Council to review the proposed amendments and give staff direction <br />on any changes. <br />ATTACHMENTS <br />1. Financial Policies as adopted on December 15, 2015 with proposed <br />amendments redlined. <br />CITY COUNCIL 1 COMMUNICATION <br />