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Financial Policies <br />Section 1. Purpose <br />a. The City of Tukwila is accountable to the public and shall maintain the fiscal <br />integrity of its operating, debt service, and capital budgets while providing an <br />appropriate level of public services within the City's fiscal responsibility. <br />b. The City's Financial Policies are intended to provide guidelines for the financial <br />planning and internal financial management of the City. <br />Section 2. Budgeting <br />Cross references: TMC Chapter 3.30 <br />a. The City of Tukwila shall prepare and adopt a biennial budget in accordance with <br />RCW Chapter 35A.34, and Tukwila Municipal Code (TMC) Chapter 3.30. Fiscal <br />years begin January 1 and end December 31. <br />b. The budget shall be prepared with a priority -based approach that enables <br />resources to be allocated to the programs and services that provide the greatest <br />value to the community. <br />c. The budget must be developed in accordance with the policies and priorities set <br />forth in long-term policy documents including the Equity Policy, Strategic Plan, <br />Comprehensive Plan , City Council and commun ity priorities, and federal and state <br />laws. <br />d. Within each budget cycle, the budget should be structurally balanced, which <br />means that ongoing expenditures shall be provided for by anticipated ongoing <br />revenue and one-time revenue should only be used for one-time expenditures <br />u n less explicitly authorized by the City Council. <br />e. The City shall maintain a six -year Capital Improvement Program and update it <br />with each budget cycle to ensure that all costs are addressed. <br />f. As part of each biennial budget process, the City shall prepare six -year <br />expenditure and revenue forecasts for the principal operating and capital funds. <br />Revenues will be estimated on a conservative basis. <br />The City Council may informally approve mid -year budget amendments by motion <br />prior to the submission of a comprehensive formal budget amendment at the end <br />of the fiscal year. <br />g. <br />Section 3. Revenues <br />Cross references: TMC Title 3 <br />a. The City will maintain a diversified and stable revenue system to shelter it from <br />short-term fluctuations. <br />b. The City shall develop and maintain a comprehensive schedule of fees and <br />charges, which should be reviewed biennially. <br />Financial Policies 11-30-20 Page 1 of 5 <br />9 <br />