Title
Consider a resolution approving, and adopting Financial Policies related to the Budget for FY 2020-21.
Body
The Chief Financial Officer proposes some minor updates to the City's financial policies. These policies provide a strong framework to guide fiscal and budgetary decision making. Per the policy, these are reviewed and adopted annually in conjunction with the adoption of the City of Round Rock annual budget.
A capital replacement designation account for the Multi-Purpose Complex Fund and Golf Course Fund has been updated and included in the policy. A goal to have a reserve of 25% of operating expenses has also been included for the Golf Course Fund. The remaining changes are only administrative. The Financial Policy is attached as Exhibit A.