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DATE SUBMITTED: July18,2007
BILL# D7 - ;l. 0 ()
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
SUBJECT: Resolution No. :30'34_
adopting updated financial goals and policies
for the City of Bremerton
Committee Meeting Date: 8/8/2007
COUNCIL MEETING Date: 8/1512007
Department: Financial Services
Presenter: Laura Lyon
Phone: 473-5722
SUMMARY The stewardship of public funds is one of the greatest responsibilities given to the City
Council and the Administration of the City of Bremerton. The establishment and maintenance of
sound fiscal policies is an important part of fulfilling that expectation. The City previously adopted
financial goals and policies by Resolution No. 2963 on June 1,2005. These guidelines have served the
City well over the course of the past two years, however, it is important to periodically review these
financial goals and policies to ensure they are continu*ing to meet the City's needs and are updated as
needed. The proposed action repeals and replaces the existing financial goals and policies and with an
updated version. Primary changes are to provide greater clarity on the internal service funds usage
and expectations, and to increase the minimum balance target level for the Contingency Reserve from
the current $500,000 to $1,000,000.
ATTACHMENTS: Resolution with Exhibit and Explanatory Memo. NO. 303-1
FISCAL IMPACTS (Include Budgeted Amount): None. Provides guidance to financial planning
and decisions for the City.
COMMITTEE CHAIR
COUNCIL PRESIDENT:
CONSENT AGENDA 0
GENERAL BUSINESS ~
PUBLIC HEARING 0
APPROVALS:
DEP ARTMENT DIRECTOR'
CITY ATTORNEY:
FINANCE DIRECTOR:
MA YOR:
RECOMMENDED MOTION: Move to approve Resolution No. 3034
financial goals and policies for the City of Bremerton.
adopting updated
COUNCIL ACTION: ~prove
o Deny
o Table
o Continue 0 No Action