Title
A Resolution Adopting a Long-Term Financial Planning Policy
Summary
The finance department is requesting to adopt a long-term financial planning policy to establish a series of principles that will ensure the City's ongoing financial sustainability beyond a single fiscal year budget cycle. A City's long-term financial performance and position is sustainable when planned long-term services and infrastructure levels and standards are met without unplanned increases in rates or disruptive cuts to service.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ Budgeted under account #______________ for $_________ and described in budget as ________________________. Additional amount needed, if any: Increase in budget of $_________ OR, transfer of $________ from Account #____________ to Account #_____________**Request to Increase OR Request to Transfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
WHEREAS, The City of Foley desires to establish a long-term financial planning policy to establish a series of principles that will ensure the City's ongoing financial sustainability beyond a single fiscal budget cycle.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The City Council approves the Long-Term Financial Planning Policy as set forth and attached hereto.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.