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HomeMy WebLinkAboutCity of Tamarac Ordinance O-2019-017 Temp. Ord. #2409 September 25, 2019 Page 1 of 3 CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-2019-17 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, ADOPTING THE OPERATING BUDGET, REVENUES AND EXPENDITURES, THE CAPITAL BUDGET,AND THE FINANCIAL POLICIES FOR THE FISCAL YEAR 2020;PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Manager of the City of Tamarac, Florida, has presented to the City Commission the proposed operating budget, revenues and expenditures and capital budget as estimated for the Fiscal Year 2020,all as required by Section 7.02 of the Charter of the City; and WHEREAS, the City Commission in duly called public meetings, reviewed the budget and,having made certain amendments thereto,approved a tentative budget on September 13,2019; and WHEREAS, the City Commission authorized a final public hearing on September 25, 2019, at 5:05 p.m. at the Tamarac City Hall, 7525 N.W. 88th Avenue, Tamarac, Florida, and has caused notice of same to be published in a newspaper of general circulation in the City of Tamarac according to law; and WHEREAS, the City Commission has determined the amount of money which must be raised to conduct the affairs of the City of Tamarac for the Fiscal Year 2020 so that the business of the city may be conducted on a balanced budget, and has also determined the amount necessary to be raised by ad valorem taxes upon all of the property, real and personal, within the corporate limits of the City of Tamarac; and WHEREAS, the City Manager recommends the tentative budget for Fiscal Year 2020 be adopted; and WHEREAS,the City Commission of the City of Tamarac deems it to be in the best interest of the citizens and residents of the City of Tamarac to approve the budget for Fiscal Year 2020. NOW,THEREFORE,BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: Section 1: That the foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this ordinance. Temp. Ord. #2409 September 25, 2019 Page 2 of 3 Section 2: That the City of Tamarac, Florida operating budget, revenues and expenditures, and the Capital Budget for the Fiscal Year 2020, as provided for in Attachment A, and by this reference made a part thereof, be and the same is hereby adopted. If at any time during the fiscal year it appears probable that the revenues available will be insufficient to meet the amount appropriated, the City Commission shall then take such further action as necessary to prevent or minimize any deficit and for that purpose it may by ordinance reduce one or more appropriations. No appropriation for debt service may be reduced or transferred, no appropriation may be reduced by any amount required by law to be appropriated or by more than the amount of the unencumbered balance thereof. Section 3: That the City Manager, in accordance with Section 7.10(d) of the City Charter, is authorized to make transfers within departments, and with the approval of the City Commission,transfer funds between departments and between funds, as is permitted by law. Section 4: That when the City of Tamarac receives monies from any source, be it private or governmental, by Grant, gift, or otherwise, to which there is attached as a condition of acceptance,or any limitation regarding the use of or expenditure of the monies received, the funds so received shall be accepted by the City Commission and incorporated and appropriated in the budget by amendment, as required by law. Section 5: That every appropriation, except an appropriation for a multi-year capital improvement or multi-year grant program, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered. An appropriation for a multi-year capital improvement or multi-year grant program shall continue in force until the purpose for which it was made has been accomplished or abandoned;the purpose of any such appropriation shall be deemed abandoned if three (3) years pass without any disbursement from or encumbrance of the appropriation. Section 6: That the Financial Policies, as provided for in Attachment B, which are attached hereto and incorporated herein by reference,are hereby adopted. Section 7: That all Ordinances or parts of Ordinances in conflict herewith are hereby repealed to the extent of such conflict. Section 8: That if any provision of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this ordinance than can be given affect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Temp. Ord. #2409 September 25, 2019 Page 3 of 3 Section 9: That this Ordinance shall become effective immediately upon its passage and adoption. PASSED,FIRST READING, 13th DAY OF September 2019. PASSED, SECOND READING, 25th DAY OF September 2019. ATTE • BY: g.(/ MICHE E J. GOMEZ, MAYOR RECORD OF COMMISSION VOTE: 1ST Reading PAT TEUFEL, 1 CITY CLERK MAYOR GOMEZ DIST 1: COMM. BOLTON DIST 2: COMM. GELIN 94.<7 DIST 3: COMM. FISHMAN J DIST 4: V/M. PLACKO I HEREBY CERTIFY that I have approved this RECORD OF COMMISSION VOTE: 2ND Reading ORDINANCE as to form: MAYOR GOMEZ DIST 1: COMM. BOLTON J i'n DIST 2: COMM. GELIN AMUEL S. O N q )J DIST 3: COMM. FISHMAN _- CITY ATTORN DIST 4: V/M. PLACKO CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET ORDINANCE FUND TO#2409 GENERAL FUND Revenues Taxes $ 37,649,114 Licenses & Permits 5,043,905 Intergovernmental Revenue 9,368,740 Charges for Services 1,831,687 Fines & Forfeitures 1,402,347 Miscellaneous 1,653,470 Appropriation From Fund Balance 12,498,399 Other Sources 7,600,344 Total General Fund Revenue $ 77,048,006 Expenditures City Commission $ 1,161,992 City Manager 2,683,280 City Attorney 710,900 City Clerk 727,882 Finance 3,323,513 Human Resources 1,447,703 Community Development 2,099,893 Police 18,773,727 Public Works 9,073,793 Parks& Recreation 5,671,540 Information Technology 2,986,983 Non-Departmental 28,386,800 Total General �� $ 77,048,006 FIRE RESCUE FUND Revenues Intergovernmental Revenue $ 56,387 Emergency Service Fees 2,050,200 Fire Inspection /Safety Fees 316,830 Special Assessment 13,203,466 Interfund Transfers 6,585,191 Miscellaneous 158,427 Appropriation from Fund Balance 2,491,347 Total Fire Rescue Fund Revenue $ 24,861,848 Expenditures Personal Services $ 18,570,949 Operating Charges 1,453,138 Capital Outlay 47,000 Debt Service 174,870 Other Uses 4,595,891 Reserves 20,000 Total Fire Rescue Fund Expenditures $ 24,861,848 Page 1 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET ORDINANCE FUND TO#2409 PUBLIC ART FUND Revenues Charges for Service $ 250,000 Interest Income 2,000 Appropriation From Fund Balance 295,500 Total Public Art Fund Revenues $ 547,500 Expenditures Operating Expenses $ 111,501 Capital Outlay 295,500 Contingency 140,499 167-1'4 e � ' X°•„Olt $ 547,500 LOCAL OPTION GAS TAX 3 CENTS FUND Revenues Taxes $ 405,494 Interest Income 3,091 Appropriation From Fund Balance 1,184,007 Total Local Option Ga `••1• '�� $ 1,592,592 •Expenditures Other Uses $ 125,000 Reserve 1,467,592 Total Local Option Gas Tax Expenditures $ 1,592,592 BUILDING FUND Revenues Licenses & Permits $ 2,673,560 Charges for Services 15,575 Fines& Forfeitures 200,000 Miscellaneous 150,000 Interest Income 75,000 Appropriation From Fund Balance 603,862 Total Building Fund Revenues � � y $ 3,717,997 Expenditures Personal Services $ 2,625,433 Operating Expenses 269,086 Capital Outlay 10,000 Other Uses 793,478 Reserves 20,000 Total Building Fund Expenditures $ 3,717,997 Page 2 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET ORDINANCE FUND TO#2409 RCMP GRANT FUND Revenues Intergovernmental Revenue $ 138,638 Total RCMP Revenues - S 138,638 Expenditures Personal Services $ 23,253 Operating Expenses 115,385 Total RCMP,Expenditures �q „ . �. . . S 138,638 COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND Revenues Intergovernmental Revenue $ 399,552 Total CDBG Revenues $ 399,552 Expenditures Personal Services $ 151,835 Operating Expenses 247,717 Total CDBG Expendituresz �, "',. $ 399,552 STATE HOUSING INITIATIVE PROGRAM (SHIP) FUND Revenues Grant Revenues $ 87,873 Total SHIP Revenues $ 87,873 Expenditures Personal Services $ 6,973 Operating Expenses 8,381 Other Uses 72,519 Total'SHIP Ex'enditures_ „ $ 87,873 HOME (HUD) FUND Revenues Intergovernmental Revenue $ 121,888 Total Home Revenues '� ` � `� ' $ 121,888 Expenditures Personal Services $ 25,759 Operating Expenses 96,129 Total Home Ex. = S 121,888 NEIGHBORHOOD STABILIZATION PROGRAM 3 (NSP3) FUND Revenues Miscellaneous $ 150,000 Total NSP3 Revenues 'w *va $ 150,000 Expenditures Personal Services $ 8,765 Operating Expenses 141,235 Total NSP3 Expenditures $ 150,000 Page 3 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET ORDINANCE FUND TO#2409 AFFORDABLE HOUSING IMPACT FEES Revenues Impact Fees $ 60,000 Appropriation From Fund Balance 205,000 Total Affordable Housing Impact Fees Fund Revenues $ 265,000 Expenditures Other Uses $ 265,000 Total Affordable Housing Im a act Fees Fund Expenditures $ 265.000 REVENUE BOND FUND Revenues Interfund Transfers $ 4,745,439 Interest Income 22,060 Total Revenue Bond Fund Revenues $ 4,767,499 Expenditures Debt Service $ 4,767,499 Total Revenue Bond Fund Ex.enditures ;: $ 4.767,499 CAPITAL EQUIPMENT FUND Revenues Interfund Transfers $ 1,617,614 Intergovernmental Revenue $ 135,000 Interest Income 4,121 Appropriation From Fund Balance 45,879 Total Capital Equipment Fund Revenues-, $ 1,802,614 Expenditures Capital Outlay $ 1,752,614 Contingency 50,000 To ` .1 ®ui,!Pent Fund Expenditure ; $ 1,802,614 CAPITAL MAINTENANCE FUND Revenues Interfund Transfers $ 1,050,500 Total Capital Main_tenance Fund $ 1,050,500 Expenditures Capital Outlay $ 1.050,500 ��. Total Capital Maintenance Fund Expenditures . .,.. $ 1,050,500 Page 4 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET 111 ORDINANCE FUND TO#2409 ROADWAY & MEDIAN IMPROVEMENT FUND Revenues Impact Fees $ 225,000 Interfund Transfers 125,000 Appropriation From Fund Balance 1,228,902 Total Roadway& Median Improvement Fund Revenues $ 1,578,902 Expenditures Capital Outlay $ 1,578,902 Reserves - Ta, • • a „k,Leclian 'ro rUt: 4_ • !? ' $ 1.578,902 GENERAL CAPITAL IMPROVEMENT FUND Revenues Taxes $ 900,000 Federal Grant - State Grant - Interfund Transfers 5,985,054 Appropriation From Fund Balance 80,000 Total Gen.Capital Improvement Fund Revenues $ 6,965,054 Expenditures Operating Expenditures $ 693,884 Capital Outlay 6,271,170 Contingency - Total;Gen-Capital Im•rovement Fund Expenditures $ 6,965,054 CORRIDOR IMPROVEMENT FUND Revenues Interfund Transfer $ 521,500 Appropriation From Fund Balance 75,000 Total Corridor Improvement Fund Revenues $ 596,500 Expenditures Operating Expenditures $ - Capital Outlay 596,500 Reserves - Total Corridor Improvement Fund $ 596,500 TAMARAC VILLAGE FUND Revenues Interfund Transfers $ 750,000 Appropriation From Fund Balance - Total Tamarac Village Fund Revenues $ 750,000 Expenditures Operating Expenses $ - Debt Service 750,000 Total Tamarac Village Fund Expenditures $ 750,000 Page 5 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET ORDINANCE FUND TO#2409 STORMWATER MANAGEMENT FUND Revenues Stormwater Drainage Fees $ 5,958,867 Investment Income & Misc Rev 149,031 Interfund Transfers 363,312 Appropriation From Net Asset 1,503,139 Total Stormwater Management Revenues $ 7,974,349 Expenses Personal Services $ 2,073,379 Operating Expenses 2,345,848 Capital Outlay 101,000 Debt Service 399,630 Other Uses 2,141,416 Contingency 763,076 Reserves 150,000 Total tgr Management Eac,••nlditures $ 7,974,349 STORMWATER CAPITAL FUND Revenues Interfund Transfers $ 2,141,416 Total Stormwater Capital Fund Revenues $ 2,141,416 Expenses Capital Outlay $ 2,141,416 To •I- to ater_Ca'Ital and Esc nses $ 2,141,416 UTILITIES FUND Revenues Charges for Services $ 27,578,278 Interest Income 179,645 Miscellaneous 4,000 Appropriation From Net Asset 9,097,290 Total Utilities Fund Revenues $ 36,859,213 Expenses Personal Services $ 5,841,952 Operating Expenses 15,729,533 Capital Outlay 1,070,050 Other Uses 11,883,594 Debt Service 1,370,810 Contingency 863,274 Reserves 100,000 Total Utilities Fund Expenses $ 36,859,213 Page 6 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2409 FY 2020 BUDGET ORDINANCE FUND TO#2409 UTILITIES RENEWAL & REPLACEMENT (R&R) FUND Revenues Interfund Transfers $ 11,865,000 Total Utilities R&R Fund Revenues $ 11,865,000 Expenses Capital Outlay $ 11,865,000 Tote . trhties 'SCR F nd, 'e ses. .., $ 11,865,000 COLONY WEST GOLF COURSE FUND Revenues Charges for Services $ 1,655,626 Interfund Transfers 164,917 Interest Income 37,500 Appropriation from Fund Bal Total Colony West Golf Course Fund Revenues m. $ 1,858,043 Expenses Operating Expenses $ 1,617,947 Capital Outlay - Contingency 240,096 Total Colony West Golf Course Fund Expenses $ 1,858,043 HEALTH INSURANCE FUND Revenues Charges for Services $ 7,087,617 Interest Income 5,348 Total Health Insurance Fund Revenues $ 7,092,965 Expenses Operating Expenses $ 6,964,825 Contingency 128,140 Total Health Insurance Fund Expenses; S 7,092,965 RISK MANAGEMENT FUND Revenues Charges for Services $ 1,675,897 Interest Income 88,001 Miscellaneous 15,000 Appropriation from Net Assets 968,186 Total Risk Management Fund Revenues: $ 2,747,084 Expenses Personal Services $ 606,027 Operating Expenses 2,011,695 Contingency 129,362 Total Risk Management Fund Expenses ` $ 2,747,084 TOTAL FY 2020 BUDGET $ 196,980,033 Page 7 of 7 CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2409 FINANCIAL MANAGEMENT POLICIES The National Advisory Council on State and Local Budgeting (NACSLB) developed a comprehensive set of recommended budget practices that has been endorsed by the Government Finance Officers Association,ICMA, academia,etc. These recommended practices provide a framework for the budget process encompassing a broad scope of governmental planning and decision-making with regard to the use of resources. NACSLB Principal 2, Element 4, "Adopt Financial Policies" addresses the need for jurisdictions to establish policies to help frame resource allocation decisions.As such,the following are five categories of recommended financial management policies developed within these guidelines with the associated measurable benchmarks for adoption by the City Commission.The five categories are Operating Management,Debt Management,Investment Management,Account Management and Financial Planning&Economic Resources and are detailed below: OPERATING MANAGEMENT Policy#1: Revenue estimates for annual budget purposes should be conservative.In this light,General Fund revenues should be budgeted in the manner delineated below. 1.1.Property taxes should be budgeted at 95%of the Property Appraiser's estimate as of July. 1.2.State shared revenues should be budgeted at 95%o of the State Department of Revenue estimate. This includes the Communication Services Tax,Half-cent Sales Tax and State Revenue Sharing. 1.3. Franchise fee revenue should be budgeted at 95% of the maximum estimate prepared by Financial Services Department. 1.4. Public Service Taxes on Electric, Propane and Natural Gas should be budgeted at 95% of the maximum estimate prepared by the Financial Services Department. Policy#2: The annual budget should be maintained in such a manner as to avoid an operating fund deficit.The annual budget should show fiscal restraint. Expenditures should be managed to create a positive cash balance(surplus) in each fund at the end of the fiscal year. Policy#3: The City should maintain a prudent cash management and investment program in order to meet daily cash requirements, increase the amount available for investment, and earn the maximum rate of return on invested funds commensurate with appropriate security.The City will use the following performance benchmarks for its investment portfolio. 3.1.The Bank of America Merrill Lynch 1-3 Year US Treasury&Agency Index which is a subset of The Bank of America Merrill Lynch US Treasury & Agency Index including all securities with a remaining term to final maturity less than 3 years, will be used as a benchmark for the performance of funds designated as core funds and other non-operating funds that have a longer-term investment horizon. The index will be used as a benchmark to be compared to the portfolio's total rate of return. 3.2.The S&P rated LGIP Index/All will be used as a benchmark as compared to the portfolio's net book value rate of return for current operating funds. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2409 FINANCIAL MANAGEMENT POLICIES Policy#4: The City shall maintain a minimum undesignated fund balance in the General Fund equal to the greater of 5%of 16.67%or 2 months annual expenditures,including Interfund transfers out. Reserve funds shall not be used to fund recurring expenditures. Fund balances should be maintained at fiscally sound levels in all funds. Such levels are delineated below. Reserved/Designated:Economic Development Reserve The designated Economic Development Reserve shall be established with one time initial funding of$5,000,000. The designated Economic Development Reserve will function as a revolving reserve account, where as initial funding is drawn down it will only be replenished through future recovery or recapture stemming from directly related Economic Development projects or activities. Reserved/Designated:Disaster Reserve The disaster reserves are to be used in emergency situations and as a match for Federal Emergency Management Agency(FEMA)funds. Tv pc of Resin e 20 FY 202 rt 202 iMelliigailA4WN37450411174WfV; 4 4*. 11-tt:4.4 r*f....4**.p.L.,:t.,;*4,4..*,;:':7 • 4 *.1 Reserves shall be used to fund emergency replacements and/or damaged equipment vehicles only as categorized below: I), ,At Rt fl 211 Pt 2412 F\ 202 milinfenance $4fiifilao $44-cial .s41(i Economic De‘eloptnctit '4,5.00o 000 .Technology Replacement ,A$ 0 $100,090 S I 00,000 After all general fund minimum reserve balances have been met; excess undesignated reserves may be set aside to provide additional funding in any designated reserve. Water& Sewer Fund: • An operating reserve balance of three months of operating and maintenance expenses or a minimum of $5,000,000. • Any surplus revenue in excess of this operating reserve minimum balance target is utilized to pay for all or a portion of the cost of capital projects. Stormwater Fund: • A working capital reserve of 10%of annual revenues shall be budgeted in the annual budget for the then current fiscal year. This amount is not cumulative. Policy#5: The City shall maintain adequate protection from loss due to property damage or liabilities of the City. The City shall maintain a risk fund for workers' compensation and property/liability and ensure adequate resources are available to support the value of incurred but not reported(IBNR)claims. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2409 FINANCIAL MANAGEMENT POLICIES Policy#6: The City will not commit itself to the full extent of its taxing authority. Policy#7: The City will not fund ordinary recurring municipal services with temporary or nonrecurring revenue sources. Policy#8: The City will maintain a cost allocation process by which the General Fund is reimbursed for actual indirect costs associated with providing services to other operating funds. Policy#9: All fee schedules and user charges should be reviewed annually for adjustment to ensure that rates are equitable and cover the total cost of the service or that portion of the total cost established by policy of the Tamarac City Commission.The following framework is recommended by the administration to be applied to user fees: 9.1 Total Fee Support(100%): Enterprise Funds: • Water/Sewer • Stormwater Special Revenue Funds: • Building Fund 9.2 Moderate Fee Support(40- 100%) General Fund • Planning • Zoning 9.3 Parks&Recreation—Fees shall be established in accordance with Administrative Policy 04-03.Parks & Recreation Fees shall be adjusted annually to maintain, at a minimum, the same percentage of cost recovery as in the prior year. Policy#10: Payment in Lieu of Taxes shall be charged to the Utilities and Stormwater funds at the rate of 6%of revenue for the purpose of recovering the costs associated with administering the use of, maintenance of, and ensuring the safe use of its streets, rights-of-way and public owned properties used by the utilities and storm water funds in providing and furnishing services to its customers. Policy#11: The financial burden on the City's taxpayers must be minimized through systematic annual program reviews and evaluation aimed at improving the efficiency and effectiveness of City programs. As such,the annual budget will be based on a City-wide work program of goals. implemented by departmental goals and objectives. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2409 FINANCIAL MANAGEMENT POLICIES Policy#12: The City's role in social service funding should be supplemental(addressing special or unique local needs)to the basic responsibilities of regional agencies. Funding shall first be derived from those funds provided through the Community Development Block Grant("CDBG")program. Policy#13: City management is responsible for recovery of budgeted and non-ad valorem revenues as planned for in the budget. Management shall maintain adequate billing and claiming processes in order to effectively manage their accounts receivable systems in conformance with the fiscal plan and sound business principles. Policy#14: The City will annually review the Capital Improvements Element of the Comprehensive Plan to ensure that required fiscal resources will be available to provide the public facilities needed to support the adopted level of service standards. Policy#15: The City will annually prepare a six-year asset management program.The asset management program will identify the source of funding for all projects,as well as the impact on future operating costs. Policy#16: Every appropriation,except an appropriation for capital improvement expenditures and multi-year grants, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered. An appropriation for a capital improvement expenditure and a multi-year grant shall continue in force,i.e. not be required to be re- budgeted,until the purpose for which it was made has been accomplished or abandoned;the purpose of any such appropriation shall be deemed abandoned if three(3)years piss without any disbursement from or encumbrance of the appropriation unless extended by action of the City Commission. DEBT MANAGEMENT Policy#17: The City will issue and comply with a comprehensive debt management policy. INVESTMENT MANAGEMENT Policy#18: The City will issue and comply with a comprehensive investment management policy. ACCOUNTS MANAGEMENT AND FINANCIAL PLANNING Policy#19: Accounting systems shall be maintained in order to facilitate financial reporting in conformance with generally accepted accounting principles of the United States. Policy#20: An annual financial audit shall be prepared in conformance with Florida state law. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2020 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2409 FINANCIAL MANAGEMENT POLICIES Policy#21: Financial systems shall be maintained in a manner that provides for the timely monitoring of expenditures, revenues,performance and receivables/billing status on an ongoing basis. Policy#22: Forecasting of revenues and expenditures for major funds shall be accomplished in conjunction with the development of the annual operating budget in accordance with recommended practices of the National Advisory Council on State and Local Budgeting(NACSLB). Policy#23: The City shall annually seek the GFOA Certificate of Achievement for Excellence in Financial Reporting and the Distinguished Budget Presentation Award. ECONOMIC RESOURCES Policy#24: The City should diversify and expand its economic base in order to relieve the homeowner from the most significant share of the tax burden and to protect the community against economic downturns. This effort should include the attraction of new businesses,retainingexisting businesses,enticement of new residents,and tourism. Policy#25: The City should encourage economic development initiatives that provide growth in the tax base and employment for City residents as a first priority and in the County and region as a second priority.