| ITEM #: 6. DATE: 05/18/2026 AI #:3283 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | ADOPT FISCAL YEAR (FY) 2027 FINANCIAL POLICIES |
| STAFF PRESENTER(S): | Ryan Bittle, Deputy Finance Director |
SUMMARY
As proposed, there are no changes to the city's existing Financial Policies.
STRATEGIC PLAN ALIGNMENT
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RECOMMENDATION
Adopt the FY2027 Financial Policies. (Ryan Bittle, Deputy Finance Director)
FISCAL IMPACT
The city's financial policies serve as foundational rules governing both financial activities and the development of the FY2027 budget.
BACKGROUND AND PREVIOUS ACTIONS
As part of the annual budget process, Council adopts any updates to the city’s financial policies. In years when no changes are proposed, Council may still formally adopt the financial policies to affirm they remain unchanged. The last action taken by Council on the city's financial policies was in May 2024 when the amount of construction sales tax to be recognized as ongoing annually changed from $6.5 million to $7.2 million.
STAFF ANALYSIS
City financial policies are included as Attachment A, and are available to the public as part of the annual budget report which can be found on the "Annual Budget & Financial Reports" web page on the city's website.