TO: Chair and Members of the Audit Advisory Committee
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
??Review proposed revisions to the City's Financial Management and Fiscal Sustainability Policies.
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2. SUMMARY
??Staff has completed a comprehensive review, restructuring, and retitling of the City's existing financial policies to establish a more cohesive framework for financial stewardship, long-term fiscal sustainability, and financial governance.
?The revised Financial Management and Fiscal Sustainability Policies, previously titled Financial Management Policies, are intended to serve as the City's overarching financial governance framework and establish guiding principles for budgeting, long-term financial planning, reserves, debt, pensions, capital investment, and other significant fiscal decisions.
3. RECOMMENDED ACTION
recommendation
??Provide comments and feedbacks on the proposed Financial Management and Fiscal Sustainability Policies.
Recommend revised policies to the City Council for adoption.
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4. DISCUSSION AND BACKGROUND
??BACKGROUND
?The City's Financial Management Policies provide the foundation for the City's financial practices and establish expectations for responsible fiscal management. Periodic review of these policies is important to ensure they continue to reflect the City's financial priorities, current practices, and evolving fiscal environment.
?Staff has conducted a comprehensive review of the existing policies. Rather than simply updating individual provisions, the review provided an opportunity to reconsider the overall structure and purpose of the document and establish a more comprehensive financial governance framework.
?DISCUSSION
?The proposed revision restructures the policies around the principles of financial stewardship, long-term fiscal sustainability, sound financial planning, and accountability.
?The revised policies are intended to establish the City's financial philosophy and provide long-t...
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