(A) As part of the annual operating budget review process, the Director of Finance shall provide a report to City Council containing the projected year-end General Fund balance for the current fiscal year and the proposed year-end General Fund balance for the next budget year. The resulting fund balance must comply with the minimum fund balance established in the scope of this Policy.
(B) On a monthly basis, the Director of Finance shall provide a report to City Council containing year-to-date revenues and expenditures, budget versus actual revenues and expenditures, and the current General Fund balance (as of the last day of the preceding month). These monthly reports will be followed by quarterly financial updates which will provide a detailed analysis of the activities of the quarter. The quarterly financial update will also include current and projected year-end General Fund balances.
(C) The city's General Fund Balance Policy shall be adopted by ordinance by City Council. City Council shall review and reaffirm this Policy every three years, or more frequently if recommended by the Director of Finance, the City Manager, and/or City Council.
(Ord. 32-16, passed 9-12-16)