The Ogden City Council unanimously approved the FY2018 Financial Principles, which are used to direct financial management and budgetary decisions throughout the fiscal year. Since 2015, the Financial Principles have been adopted early in the Council’s budgeting process to guide the preparation of the City budget.
The FY2018 Financial Principles contain three substantive policy changes from previous years:
1. Beginning in FY2018, the City will use a rolling five-year financial model for the General Fund budgeting that will be used to project future budget needs and revenues, thus informing a long-term, sustainable and strategic budgeting process.
2. The City will maintain effective communication with bond rating agencies regarding its financial condition and will follow a policy of full disclosure on every financial report and bond prospectus.
3. Beginning in FY2018, the City will set a goal to increase the minimum 5% General Fund operating reserve by an additional 1% per year until the reserve reaches at least 10% of annual General Fund revenues. The previously determined maximum of 25% remains.
“The financial policy changes established by the FY2018 Financial Principles will help improve the fiscal health of Ogden by giving the City the tools to take a more strategic approach to the budgeting process,” Council Chair Marcia White said. “An important aspect of strategic budgeting is building the rainy day fund to a level that allows the City to address revenue shortfalls or unanticipated expenditures.”
There are several opportunities for the public to participate in the budgeting process, including a public hearing on the tentative budget that will be held during the June 6th City Council meeting.
Additional Information:
• City Council Budget Website: ogdencity.com/budgetprocess
• Press Kit: ogdencity.com/councilmediaroom
For additional information, please contact Ogden City Council Executive Director Janene Eller-Smith, JaneneEller-Smith@ogdencity.com; 801-629-8153.
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