Page 433 - Microsoft Word - FY 2021 tax info sheet

7.2 The City will enter into a depository agreement with one or more banks for a specified
period of time and specified fees for banking services. The term of each depository agreement
shall not exceed five (5) years unless otherwise approved by the City Council.

7.3 Collection, deposit and disbursement of all funds will be scheduled to ensure maximum
cash availability and investment earnings.

7.4 The City’s first and foremost investment objective shall be safety of principal. To meet
this objective, the City will seek to obtain a competitive, or market rate-of-return on investments,
consistent with the City's investment policy.

8. General Policies.

8.1 The City Manager is authorized to write off bad debt accounts less than one thousand
dollars ($1,000) which have been delinquent for more than one hundred twenty (120) days. These
accounts will be aggressively pursued for collection by any lawful and available means. Accounts
which are in bankruptcy status, involving a claim of one thousand dollars ($1,000) or less, which
require the City to make an election to the bankruptcy court, will be referred to the City Manager,
with a recommendation by the City Attorney. The City Manager shall report all bad debt write-
offs of note to City Council. All accounts involving write-offs greater than one thousand dollars
($1,000) shall be referred directly to City Council for write off, or further recommended action.

8.2 The City shall follow a policy of aggressively pursuing the collection of current and delin-
quent ad valorem taxes, and shall strive to maintain a current ad valorem tax collection rate equal
to or exceeding ninety-seven percent (97%) of the current levy. In addition, the City will
aggressively pursue collection of other debts owed to the City, e.g., water bills, ambulance billings,
etc.

8.3 Sound appraisal procedures and practices will be monitored by the City in order to keep
property values current. The City will annually review the various levels of property tax
exemptions and abatements which may be optionally granted by the City.

8.4 The City may impose impact fees upon new development. The purposes of these fees
are to pay a portion of the cost of constructing capital improvements or facility expansions
necessary to serve new development.

8.5 Expenditures of impact fees are limited to paying for construction-related costs or capital
improvements or facility expansions and to payment of principal and interest on bonds, notes, or
other obligations issued to finance eligible capital improvements.

8.6 Plans and costs of enforcement related to the passage of ordinances and/or other
legislation (if any) should be disclosed to the City Council by the City Manager, prior to the
passage of ordinances and/or other legislation.

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