The purpose of this chapter is to provide general guidance on how the financial affairs of the city should be managed.
(Ord. 1901 § 2, 2016)
The budget, as adopted by the city council, shall be balanced such that proposed expenditures shall not exceed projected revenues and any other sources to balance the budget.
(Ord. 1901 § 2, 2016; Ord. 1953 § 2, 2021)
A. 
The city shall maintain cash balances to adequately provide for:
1. 
Economic uncertainties, local disasters or catastrophic events, and other financial hardships or downturns in the local or national economy; or
2. 
Contingencies for unforeseen operating needs.
B. 
Fund Balance Reserves.
1. 
The city council shall adopt via resolution a general fund reserve policy, which sets forth the appropriate level of general fund reserves and provides guidelines for the commitments of those reserves and the commitment of any year-end surpluses.
2. 
Reserve policy guidelines are to be reviewed, and if applicable, updated with recommendations for increased levels of reserve each fiscal year as part of the budget process.
3. 
Use of fund balance reserves as outlined above for emergencies or unforeseen events will require a four-fifths vote by the city council.
(Ord. 1901 § 2, 2016; Ord. 1953 § 2, 2021)