Recommendation to request City Manager to direct the Department of Financial Management to report on how the City of Long Beach puts its financial policies into practice, review any such policies that may require updates or revisions, and advise on how the Fiscal Year 2018 Budget outlook may impact the City's long-term general financial plan.
Thank you. Item seven, please. Item seven is a communication from Councilwoman Mango. Councilwoman Price Council member Sabina and Councilman Austin. Recommendation to request the city attorney to direct the Department of Financial Management to report on how the city puts its financial policies into practice. Thank you. This started out as a joint item of my colleagues on the Budget Oversight Committee. I appreciate Council Member Supernova for learning about the item and signing on when we weren't quite at enough signatures because we wanted to make sure it is up to date. We wanted to have this discussion or availability of these items tonight since we did the budget overview. I appreciate the hard work that's been done. I think that the financial policies of the city are something that need to be looked at every now and again. We have done well in reaching and achieving some of our goals in terms of what we thought was accomplishable when it came to reserves, balancing certain funds, adding different types of reserves and percentages to other areas. And I think that as times change, we need to look at what our risks and liabilities are and how these policies protect us. So I really appreciate this item and I appreciate that we are all united on this, on the Budget Oversight Committee, and I hope our colleagues will support it. Thank you, Councilwoman Pryce. I want to thank my colleague, Councilwoman Mongo, for bringing this item forward. I think it's very ripe for us to start having these discussions now. Well, in advance of the budget cycle and in the discussions leading up to the budget vote. So I think, you know, we've been very mindful of the budget with every decision that we've made. And I'm hopeful that we can continue that path moving forward, especially as we are seeing some deficits in 2019 that hopefully we can mitigate through responsive policies and practices. Thank you. Thank you. Councilmember Pier. Oh, yes. I want to thank my colleagues for bringing this item up. I had two questions. Whenever the whenever we bring this back, if we could include what the processes for developing our financial policies. Can you tell me when was the last time that we looked at adjusting our financial policies? Sorry. Mr. West. Lia Ericson. Councilwoman Pier or Councilmember Pierce. We actually adopted these policies, the set of policies that you have in contained in the budget book in 2013. And is that done every three years typically? So one of the one of the financial policies is to revisit them about every three years. So we are we are due to to look at these. Okay, great. And when we bring some of these back, if we could just have some of the conversation around the governing for equity piece, which I'll share some with with staff in our next meeting, but really looking at how are we prioritizing some of the the work that we have taken on over the last couple of years and how we're balancing that out with other priorities. So I just really want to thank my colleagues for bringing this item forward. Thanks. Excellent. We have a motion seconded public comment. CNN. Please cast your vote. Motion carries.