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HomeMy WebLinkAbout2013-090-11/05/2013-AMENDING THE CITY COUNCIL'S FINANCIAL MANAGEMENT POLICIES BY THE ADDITION OF AN INTRODUCTION SECTION RESOLUTION 2013-090 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING THE CITY COUNCIL'S FINANCIAL MANAGEMENT POLICIES BY THE ADDITION OF AN INTRODUCTION SECTION WHEREAS, in 1994, the City Council adopted Resolution 94-174 approving certain Financial Management Policies (the "Policies") which established guidelines for the preparation of the annual budgets of the City and its long-range financial plans; and WHEREAS, the City Council has periodically amended the Policies; and WHEREAS, the City Manager, Financial Officer and City Attorney have recommended that the City Council further amend the Policies to include an Introduction section and an Index to the Policies; and WHEREAS, the purpose of the Introduction is to explain how the Policies have been formulated and the ways in which they are to be used, and to also specifically authorize the City Council to approve exceptions to the Policies by ordinance or resolution when the City Council determines that extraordinary circumstances or changing objections warrant such exceptions. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the Financial Management Policies, as previously amended, are hereby further amended by the addition of the Introduction section and Index shown on Exhibit "A", attached hereto and incorporated herein by this reference. Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 5th day of November, A.D. 2013. Mayor P Tern ATTEST: n t7 0 City Clerk �Q• y .. ' - 1 - EXHIBIT A ort Collins, Financial Management Policies Introduction These Financial Management Policies have been adopted by the Council of the City of Fort Collins, pursuant to the provisions of Article V, Section 12 of the City Charter, to guide the administration, management, deposit and investment of City funds. They reflect the current requirements and laws that apply to the City's financial activities and, in the judgment of the City Council, they represent the best financial practices for the City. The formulation of these policies has been guided by input and standards derived from nationally recognized organizations such as the Government Finance Officers Association (GFOA), National Advisory Council on State and Local Budgeting (NACSLB), and International City and County Managers Association (ICMA). A key objective of these Financial Management Policies is to provide a central location for all Council-approved financial policies. Nothing herein is intended to supersede the provisions of the City Charter or City Code. Rather, these policies are intended to provide more detailed rules and guidelines to be used by decision makers, management staff, and other City employees in administering the financial affairs of the City. To supplement and implement these Financial Management Policies, and to further preserve and strengthen the financial health of the City, the City Manager and City Financial Officer may, in carrying out their respective duties and responsibilities under the City Charter and City Code, adopt any such additional administration policies as they deem necessary for that purpose. Such policies will generally be more detailed and operationally focused. If, from time to time, the City Council determines that extraordinary circumstances or changing objectives warrant revisions or exceptions to these Financial Management Policies, the City Council may approve by resolution or ordinance such amendments or exceptions to the same as the City Council considers to be in the best interest of the City. INDEX REF. POLICY TITLE/SECTION Last Update Approver Page Section I- City Financial Management Policies 1 Budget 11 15 2005 City Council 2 Revenue 11 15 2005 City Council 3 General 11 15 2005 City Council 4 Fund 04/15/2008 City Council 5 Reserves (Fund Balance) 04/15/2008 City Council 6 Capital Improvement Funds 11 15 2005 City Council 7 Debt 11 15 2005 City Council 8 Investments 12 18 2012 City Council Section 11-City Council Decisions related to URA Financial Management Policies URA TIF FinancingIncentives inprocess) TBD City Council.