a. The City strives to maintain a diversified and stable revenue stream to avoid over-reliance on any one revenue source.
b. The City estimates its annual revenues by an objective, analytical process utilizing trends, judgment, and statistical analysis as appropriate. Revenue estimates are to be realistic and sensitive to both local and regional economic conditions.
c. The City maximizes the availability of revenue proceeds through responsible collection and auditing of amounts owed to the City.
d. The City actively pursues federal, State, and other grant opportunities when deemed appropriate. Before accepting any grant, the City should consider the implications in terms of ongoing obligations that will be required in connection with acceptance of the grant.
e. The City seeks reimbursements for mandated costs whenever possible.
f. User fees are reviewed annually for potential adjustments to recover the full cost of services provided, except when the City Council determines that a subsidy is in the public interest. The City’s user fee policy: • Imposes user fees when appropriate to capture the cost for the delivery of services and goods; and
• Attempts to establish levels of cost recovery that support all costs including administrative overhead and depreciation; and
• Determines the minimum frequency of user fee reviews.
g. General Fund revenues are pooled and allocated according to Council goals and established policy.
h. Grant revenue is recognized when eligible expenditures have been incurred against a fully executed grant agreement. Such accrued revenue is considered available even if it is not received within 60 days of year-end. This method provides improved reporting and control at the program level because it appropriately matches funding sources and uses.
i. Enterprise funds and other legally-restricted sources are allocated according to their respective special purpose.
j. One-time revenues should be used for one-time expenditures only, including capital outlay and reserves.