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2005-48

A RESOLUTION

RESCINDING RESOLUTION NO. 2005-46 AND ESTABLISHING CERTAIN BUDGET POLICIES

WHEREAS, the Lakewood City Council wishes to establish budget policies to guide the preparation, review and adoption of the annual city budget.

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

SECTION 1. Resolution 2005-46, adopted on July 25, 2005, is hereby rescinded.

SECTION 2. The following budget policies will become effective January 1, 2006:

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

B. If special circumstances warrant the use of General Fund reserves, the City Manager will submit a memorandum to City Council outlining those special circumstances, the amount requested, the impact on City services, and alternatives to the use of general fund reserves.

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

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

E. 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.

F. The annual draft budget shall reflect a minimum 5% General Fund balance.

SECTION 3. The following budget policies shall be established January 1, 2006 conditioned upon voter approval of the sales and use tax rate increase from two percent to three percent at the November 1, 2005 regular municipal election, and shall replace the policies established in Section 2 in their entirety:

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

B. If special circumstances warrant the use of general fund reserves, the City Manager will submit a memorandum to Council outlining those special circumstances, the amount requested, the impact on City services, and alternatives to the use of General Fund reserves.

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

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

E. 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.

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

G. Public safety shall be defined as police, municipal courts, municipal prosecution and related support services.

H. The 2005 General Fund audit will be used to establish a "base" for public safety expenditures. The utilization of new sales tax revenues as identified in ballot question 2A will be in addition to the "base".

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

INTRODUCED, READ AND ADOPTED by a vote of 11 for and 0 against at a regular meeting of the City Council on August 8, 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