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2005-46

A RESOLUTION

ESTABLISHING CERTAIN BUDGET POLICIES

WHEREAS, the Lakewood City Council is considering referring a ballot issue for the November 1, 2005 regular municipal election for a sales and use tax rate increase from two percent to three percent; and

WHEREAS, the City of Lakewood wishes to establish certain budget policies if the voters approve the sales and use tax rate increase from two percent to three percent.

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakewood, Colorado, that:

SECTION 1. The following budget policies shall be established conditioned upon the voter approval of the sales and use tax rate increase from two percent to three percent at the November 1, 2005 regular municipal election:

A. An annual draft budget submitted by the City Manager for City Council consideration will be "balanced", i.e. Revenues will exceed Expenditures.

B. The annual draft budget will include a five-year estimate for costs and revenues for any proposed new program.

C. Any proposal for the City of Lakewood to acquire property will include a five-year estimate of maintenance and operation costs.

D. The City Council Budget and Audit Committee will consist of three City Council members and three citizen representatives appointed by the Mayor, with the concurrence of City Council.

E. Thirty percent of the General Fund reserve will be set aside for public safety purposes.

F. The annual draft budget shall reflect a minimum of a 10% General Fund balance.

INTRODUCED, READ AND ADOPTED by a vote of 8 for and 2 against at a regular meeting of the City Council on July 25, 2005, at 7 o'clock p.m. at the Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk