STRATEGIC PRIORITY: Fiscally Sound
AGENDA DATE: March 26, 2025
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
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SUBJECT
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Authorize the following revisions to the Financial Management Performance Criteria to: (1) add language that establishes an Employee Benefit Reserve in Unassigned Fund Balance; (2) clarify the pension benefit adjustment approval process for Employees Retirement Fund and Dallas Police and Fire Pension System; (3) change the comparison of the disabled and over 65 property tax exemption to the consumer price index to use the median residential market value instead of the average residential market value; and (4) exclude certificate of obligation debt repaid by Enterprise Funds or other funds with an existing dedicated rate structure from the limit on total certificate of obligation debt; and (5) add language that all retirement systems will be financed in a manner to systematically fund liabilities - Financing: No cost consideration to the City
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BACKGROUND
On March 15, 1978, the City Council originally adopted the Financial Management Performance Criteria (FMPC) to provide standards and guidelines for the City's financial and managerial decision making and to provide for a periodic review of the criteria to maintain standards and guidelines consistent with current economic conditions by Resolution No. 78-2737. The City Council adopted specific FMPC for the Dallas Water Utilities Department on July 8, 1981. The status of each criterion is updated annually and presented with the annual budget, at year-end, and with each bond sale.
The FMPC contain 54 criteria in seven categories: (1) operating program; (2) pension program; (3) budget and planning; (4) capital and debt management; (5) economic development; (6) accounting, auditing, and financial planning; and (7) grants and trusts. The proposed revisions are based on feedbac...
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