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and the applicable percentages. As rating agencies criteria is consistently being recalibrated a <br /> greater emphasis is on reserve levels for operations and debt obligations. Staff would like the <br /> Council to consider a range of 45-50%. The State Auditor's Office considers an appropriate <br /> amount up to 50%. <br /> • Added sections for Enterprise, Special Revenue, Debt Service,and Capital Project Funds. <br /> • Every year the Council reviews each fund and the related fund balance through our Capital <br /> Improvement Program,we added a section to put that in the policy under monitoring and <br /> reporting. <br /> Debt <br /> ■ No change from March 11, 2013 worksession review. <br /> Capital Improvement <br /> ■ One change from work session review—Added section on capital assets and capitalization <br /> thresholds. Capitalization thresholds have not been updated since the implementation of GASB <br /> Statement No. 34 in 2003. No material difference will be incurred with updating a few categories <br /> from$5,000 to $10,000. <br /> Risk Management <br /> ■ No change from March 11, 2013,work session review. <br /> Accounting.Auditing and Financial Reporting <br /> ■ No change from March 11, 2013,work session review. <br /> Operating Budget <br /> ■ No change from March 11, 2013,work session review. <br /> Purchasing/Credit Card Use <br /> • Two changes from work session review—Added a section on contractor's bonds for any project <br /> in excess of$100,000 to correspond to state statue. <br /> • Per Council discussion regarding using credit cards for larger meetings/events, adjusted the <br /> credit card use policy to reference employee meals only and would then allow for the larger <br /> events. <br /> Public Purpose Expenditures <br /> • Added letter k under food/meals/refreshments for employees separating with 10 years or greater <br /> of service (light refreshments only). <br /> • Added a sentence under volunteer recognition program/events for employees serving in a <br /> volunteer capacity or purpose in which they would be eligible for the annual dinner and token <br /> gift. <br /> • Deleted a sentence of clothing and other sundry items for employees and uniforms since these are <br /> covered under the personnel policy manual. Departments have specific policies in regards to <br /> uniforms and safety items. <br /> • Deleted a sentence of trinkets or marketing items for the examples of marketing items as we have <br /> a much broader list. <br /> Expense and Travel Reimbursement <br /> ■ Added language in no overnight stay required section. <br /> N:\Public Bodies\City Council\Council RCA\Agenda Packet\04-08-2013\Financialpolicyupd2tepartlLdocx <br />