HomeMy WebLinkAbout14-035 Comp Financial Manage Policy Amend PRIp
4646 Dakota Street SE
`INxHSolP Prior Lake, MN 55372
RESOLUTION 14 -035
A RESOLUTION ADOPTING THE AMENDED
COMPREHENSIVE FINANCIAL MANAGEMENT POLICY (CFMP)
Motion By: MCGUIRE Second By: SOUKUP
WHEREAS, The City's 2030 Vision and Strategic Plan called for the establishment of a
Comprehensive Financial Management Policy; and
WHEREAS, The Comprehensive Financial Management Policy has been adopted by the City
Council; and,
WHEREAS, The Comprehensive Financial Management Policy serves three main purposes:
• To draw together in a single document the City's major financial policies;
• To establish principles to guide both staff and Council members to make
consistent and informed financial decisions;
• To inform the citizenry that the City is a prudent steward of their resources;
and,
WHEREAS, The Comprehensive Financial Management Policy establishes the following
objectives:
• To provide both short -term and long -term financial stability to city government
by ensuring adequate funding for providing services and protecting
infrastructure needed by the community today and for years to come;
• To protect the City Council's policy- making ability by ensuring that important
policy decisions are not constrained by financial problems or local, state,
regional or national emergencies;
• To provide sound financial principles to guide the decisions of the City Council
and City management;
• To create a document that City management and City Council members can
refer to when engaged in financial planning, day to day decision making,
budget preparation and other financial management endeavors; and,
WHEREAS, The Comprehensive Financial Management Policy anticipated the addition of the
following policy areas:
• Revenues;
• Expenditures;
• Debt; and
• Financial Planning & Reporting.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council hereby approves the amended Comprehensive Financial Management Policy
previously amended December 19, 2011 which has been revised and dated February 24, 2014.
PASSED AND ADOPTED THIS 24t DAY OF FEBRUARY, 2014.
YES NO
Hedberg X Hedberg
Keeney X Keeney
McGuire X McGuire
Morton absent Morton Absent
Soukup X Soukup
9 ,\A j 1
Frank BAs, City Manager
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