(A) The city endeavors to maintain a diversified and stable revenue base to shelter it from short-term fluctuations in any one revenue source. The revenue mix combines elastic and inelastic revenue sources to minimize the effect of an economic downturn.
(B) Through the city’s economic development program, the city will strive to strengthen its revenue base.
(C) Each existing and potential revenue source will be examined annually during the budget process.
(D) The city will maintain a revenue monitoring system to assist in trend analysis and revenue forecasting.
(E) The city will oppose state and/or federal legislation that will mandate costs to units of local government without providing a new or increasing an existing revenue source to pay those costs.
(F) The city will set fees and user charges for its enterprise funds at a level that fully supports the total direct and indirect cost of the activity. Indirect costs include the cost of annual depreciation of capital assets.
(G) The city will attempt to not use one-time revenue for continuing expenses. All new and continuing expenses will be based on known and conservatively projected revenue sources. The identification of new, but one-time revenue opportunities will be used to fund one-time expenses such as capital equipment purchases, economic development activities and small capital projects not involving on-going operating expenses.
(Ord. 1000, passed 1-15-18)