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City clarifies Financial Management Policy change to add balanced-budget definition
Summary
City Administrator Max Baker told the Lowell City Council the only change in Resolution 878 is the addition of a balanced budget definition in Section 4.4 to satisfy Government Finance Officers Association (GFOA) award criteria; staff plans to rescind Resolution 874 and replace it with 878 with no other policy edits.
City Administrator Max Baker told the Lowell City Council on June 2 that Resolution 878 is a clerical amendment to the recently adopted Financial Management Policy and that the single substantive insertion is a balanced-budget definition in Section 4.4 to meet Government Finance Officers Association (GFOA) award criteria and to be referenced in the budget document.
Baker said staff intends to rescind Resolution 874 and replace it with Resolution 878 containing only that addition. Mayor Maureen M. Weathers asked for clarification because the Council had approved the policy the prior month; Baker confirmed the previously adopted version did not include the definition. Council members briefly discussed the timing of a related internal controls policy, which Baker said is in draft and likely to return after July. The work session opened at 7:02 p.m. and adjourned at 7:18 p.m.
