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Santa Rosa staff outline four financial policies to formalize reserves and capital planning
Summary
City finance staff told a subcommittee they will draft four written policies — a structurally balanced budget, long-term financial planning, capital projects policy and formal rules for reserves — to convert existing practices into codified guidance and return to the subcommittee for direction.
Alan, staff member, told the Santa Rosa City finance subcommittee that the city already follows many best practices but lacks written policy for several areas and proposed formalizing four policies.
"Financial policies are central to a strategic and long term approach to our financial management," Alan said, framing the presentation around the Government Finance Officers Association (GFOA) best-practice list and noting the city currently lacks written policy in four areas.
The presentation identified four policy topics staff propose to draft: a structurally balanced budget that distinguishes ongoing from one-time revenues; formal long-term financial planning with multi-year forecasting; a capital projects policy…
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