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<br />R-12-17 <br /> <br />A RESOLUTION AMENDING ADOPTED CITY FINANCIAL POLICIES TO <br />INCLUDE A NEW APPENDIX B CONTAINING FISCAL POLICY <br />GUIDELINES FOR THE PUBLIC UTILITIES ENTERPRISE FUND. <br /> <br />WHEREAS, adopted "best practice" financial policies provide guidance and <br />fortification by maintaining or increasing revenues while controlling debt and <br />expenditures; and <br /> <br />WHEREAS, on September 22, 2009, City Council adopted City Financial <br />Policies to address financial management, debt administration, budget and capital plan <br />development, and long-range financial planning; and <br /> <br />WHEREAS, the City's Finance Department has developed and recommends <br />formal adoption of Appendix B (attached hereto and made a part hereof) to those <br />Financial Policies setting out policy guidelines for the Public Utilities Capital <br />Improvement Program to help ensure a strong financial foundation in the Public Utilities <br />Enterprise Fund and to ensure that adequate funding will be available to cover debt <br />service on current and future bonded debt; and <br /> <br />WHEREAS, the draft Appendix B has been developed in conjunction with the <br />City's financial advisors, Davenport and Company; and <br /> <br />WHEREAS, adoption of the fiscal policy guidelines set out in Appendix B will <br />further strengthen the City's financial management best practices. <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 said <br />Appendix B and adopts them as the official policies governing the Public Utilities Capital <br />Improvement Program in the Public Utilities Enterprise Fund. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on May 8, 2012. <br /> <br />Teste: <br /> <br />City Clerk <br />