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general and statistical information - City of Inglewood

general and statistical information - City of Inglewood

10. The

10. The City supports a financial planning process that assesses the long-term financial implications of current and proposed operating and capital budgets, budget policies, cash management and investment policies, programs and assumptions. Major capital projects will be reviewed and included in the update to the City’s General Plan. Annual budgets shall identify all new and on-going capital improvement projects. The City is currently updating its General Plan and all the elements of it, including a long range fiscal plan for the city. Many of the major infrastructure projects of the City have important capital needs and deferred maintenance requirements. This includes the City’s water and sewer systems, and the need for major improvements to the storm water system. We also have major street repair requirements and related street improvements of sidewalks, signals and trees. The five year revenue and expenditure projections illustrate the fiscal constraints the City is facing. It must use every fiscal management tool at its disposal to insure it can meet the needs of the city in a fiscally prudent manner. 11. The City shall maintain an inventory of and assess the condition of all major capital assets. This information will be used to plan for adjustments to enterprise fund fees and a long term capital improvement plan. As required by GASB 34 for capital assets and common sense for City assets, the City shall maintain an inventory and assess the condition of its major capital assets. The capital plans for the City shall include this information as part of its planning and implementation process. 12. It shall be the policy of the City to not use one-time revenues for ongoing expenditures. One time revenues, if in excess of the required reserve, are appropriate for one time expenses, such as a capital project. However, it is fiscally irresponsibility to use any windfall revenues to expand the base budget by adding staff or negotiating salary increases using these revenues alone as the basis for the action. The City of Inglewood last year elected to use some one time revenues, in excess of our required reserve balance, for salary bonuses instead of salary increases. This is an acceptable fiscal practice under this policy. 13. The City shall comply with the debt limits of the state of California and the City Charter, and seek to minimize debt when it is used. The City Charter limits City debt to 15% of total assessed valuation. State law has similar limitations. The City has fallen well within the limits of these debt policies. In addition, the City is always looking for opportunities to reduce total debt when that is the most appropriate strategy. The recent period of historic low interest rates has helped us keep debt levels manageable. Page 500

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