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<br />R-09-56 <br /> <br />A RESOLUTION ADOPTING FINANCIAL POLICIES TO GOVERN THE <br />CITY'S FINANCIAL MANAGEMENT, DEBT ADMINISTRATION, BUDGET <br />AND CAPITAL PLAN DEVELOPMENT, AND LONG-RANGE FINANCIAL <br />PLANNING. <br /> <br />WHEREAS, adopted "best practice" financial policies provide guidance <br />and fortification during declining economic times by maintaining or increasing revenues <br />while controlling debt and expenditures; and <br /> <br />WHEREAS, the City has determined that the official adoption of financial <br />policies to address financial management, debt administration, budget and capital plan <br />development, and long-range financial planning will also aid in maintaining or enhancing <br />the City's bond rating, which allows the City to borrow for capital projects at lower <br />interest costs; and <br /> <br />WHEREAS, the City's Finance Department has drafted financial policies for <br />consideration by the City Council; and <br /> <br />WHEREAS, said draft policies have been reviewed by the City's Financial <br />Advisors, Davenport and Company, as well as the Municipal Finance Commission. <br /> <br />WHEREAS, the draft financial policies, as set out in Exhibit A attached hereto <br />and made a part hereof, have now been reviewed by this Council. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that it hereby endorses the financial policies set out in Exhibit A <br />hereto, and adopts them as the official policies governing the future financial operations <br />of the City of Portsmouth. <br /> <br />ADOPTED by ~he Council of the City of Portsmouth, Virginia at a meeting held <br />on September 22,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />