STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: June 9, 2021
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Budget and Management Services
EXECUTIVE: Elizabeth Reich
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SUBJECT
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Authorize the following revisions to the Financial Management Performance Criteria to: (1) decrease the year-to-year change of actual revenue from the levy of the ad valorem tax from 8 percent to 3.5 percent; (2) increase the minimum unassigned fund balance of the General Fund from 40 days to a range of not less than 50 days and not more than 70 days; (3) change the Contingency Reserve language to maintain a level based on General Fund expenditures and not based on replacing any amount used in the preceding year; (4) increase the unassigned fund balance for the Emergency Reserve from $25 million to 5 percent of General Fund expenditures but not less than $50 million; (5) change the comparison of the disabled and over 65 property tax exemption to the consumer price index for the elderly and year-over-year change in the average residential market value (whichever is greater) annually; (6) change the language of the effective-tax rate scenario budget to no-new-revenue tax rate scenario budget; (7) expand the criteria for the operating impact of capital improvements; (8) eliminate the capitalized interest requirement; (9) establish a competitive pay criteria; (10) establish a full-cost recovery consideration for grants; and (11) make certain conforming, semantic, grammatical and structural changes - Financing: No cost consideration to the City
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BACKGROUND
On March 15, 1978, 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 b...
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