Title
Subject: Long-term Financial Planning Policy
From: Financial Services Agency
Recommendation: Adopt a Resolution regarding the City of Oakland Long-term Financial Planning Policy
Body
F:1
)FFIC E C T HE C" Y CL ER K
CITY OF OAKLAND @ L .-. @. -)
AGENDA REPORT 2903 JUN 12 PM 5:07
TO: Office of the Citv Manager
ATTN: Robert C. Bobb
FROM: Budget Office
DATE: June 24, 2003
R_E: Adoption of Financial Poliev on Long-Term Financial Planning
SUMMARY
This report proposes a formal policv on long-term financial planning and recommends that the
Council adopt that policy. It is a follow up to an informational report presented to the Council on
February 18, 200J. That report presented the recommendations of the Moving Oakland Forward
(MOF) Team 44A, on the adoption of a comprehensive set of financial policies by the City. The
Council requested that staff provide more detailed analysis and recommendations regarding each
proposed policy: this report is a response to that Council request
FISCAL IMPACT
There would be no direct fiscal impact from implementing the proposed policy. However. the policy
would benefit the City's financial management by improving its Iongg-term financial planning. Also,
credit rating agencies are likely to favor the City's intention to plan ahead because such planning
provides for greater financial stability, and signals a prudent approach to financial management. A
positive credit rating leads to lower interest rates on borrowing, thus freeing up more funds for
operations and services.
BACKGROUND
Team #4A of Moving Oakland Forward was established to review and make recommendations
regarding the Citv's financial policies. One of Team #4A's Findings was that the City's current
financial policies are not consolidated under one authority, and cannot be found in a sin-IC location:
some are Council-adopted, some are reflected within Administrative Instructions, and others are
followed in practice bu...
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