5.02.020 Overall goals.
A. The overall financial goals underlying these policies are:
1. Fiscal conservatism to ensure that the city is in a solid financial condition at all times. These can be defined as:
a. Cash solvency, the ability to pay bills;
b. Budgetary solvency, the ability to balance the budget;
c. Solvency, the ability to pay future cost;
d. Service level solvency, the ability to provide needed and desired services.
2. Flexibility to ensure that the city is in a position to respond to changes in the economy or new service challenges without an undue amount of financial stress.
3. Adherence to the highest accounting and management practices as set by the government finance officers’ association standards for financial reporting and budgeting, the governmental accounting standards board, and other professional standards. (Ord. 02-33 § 2, 2002)