From
Diana G. Ortiz
Title
Resolution updating the City's Financial Management Policy
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The City's Financial Management Policy is a formally approved document that serves as the guidelines and parameters in developing the City's financial position. It is reviewed annually for necessary updates and presented to the Finance and Government Committee for consideration. The Finance and Government Committee reviewed this item and supports the recommended change.
The proposed revision is to the use of Parks and Recreation Venue Sales Tax revenue for operations and maintenance, specifically, section VI. REVENUE MANAGEMENT as shown below:
J. PARKS AND RECREATION VENUE SALES TAX REVENUE - "...No more than 49.99% of Parks and Recreation Venue sales tax revenue may be used for operations. At least 50.01% of the revenue will be dedicated to capital expenditures and debt service for Parks and Recreation System improvements and for associated reserves."
Financial Consideration
There is no fiscal impact to this revision.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE CITY'S FINANCIAL MANAGEMENT POLICY
Whereas, it is the goal of the City to maintain a long-term stable and positive financial condition; and
Whereas, well-planned and prudent financial management is essential to the achievement of the City's goal; and
Whereas, the Finance and Government Committee reviewed and supported the revisions to the Financial Management Policy.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. The City of Grand Prairie hereby adopts the following change to the policy in section VI. REVENUE MANAGEMENT:
J. PARKS AND RECREATION VENUE SALES TAX REVENUE - "...No more than 49.99% of Parks and Recreation Venue sales tax revenue may be used for operations. At least 50.01% of the revenue will be dedicated to c...
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