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Board Policy No. 17 – Budget Development <br />Page 2 of 6 <br />4. Expenses – Plan expenses to support effective transportation by identifying priority <br />services, establishing service levels, delivering efficient service, and ensuring fiscal <br />stability producing long-term effectiveness. <br />5. Capital Improvement Program – Adopt a capital improvement program (CIP) annually that <br />is based on need; is in accordance with the long-term capital program; has received <br />scrutiny for cost, value, and priority to the District; and has been reviewed for relevant <br />details of each item to conform to CIP requirements, funding only those projects where <br />revenues are already committed or where budget savings or one-time revenues can pay <br />for them and where consideration has been given to all funding sources and grants where <br />applicable. <br />6. Inter-governmental Relations – Maintain good relationships with other government bodies <br />to encourage shared use of facilities, joint purchases, and shared cost of service delivery <br />so regional transit services, inter-connections, and accessibility will be improved, <br />unfunded legislative mandates will be opposed, and transit-promoting initiatives will be <br />supported. <br />7. Debt – Use short and long-term debt appropriately, for valid business reasons including <br />temporary cash flow, emergency shortfalls and urgent unfunded capital improvements, <br />provided the Board adopts the debt by resolution and an analysis is done on the fiscal <br />effect on the District’s operations. Submit for Board review and adoption a systemic debt <br />policy that maintains cost-effective access to the capital markets through prudent yet <br />flexible financing activities, moderate debt service through effective planning and project <br />cash management, and achieve the highest practical credit ratings that allow the District <br />to meet its capital improvement program objectives. <br />8. Accounting and Finance – Maintain records and reports in accordance with GAAP, <br />including but not limited to the maintenance of an effective capital asset system, regular <br />financial reports to the Board, an annual audit together with an audit opinion and <br />management letter, if applicable, and annual Board review and adoption of an investment <br />policy emphasizing safety, compliance, and liquidity before yield. <br />Budget Development Guidelines and Conditions <br />Responsibilities are as follows: <br />1. The Chief Financial Officer has the overall responsibility for planning, coordinating, <br />analyzing, preparing, and issuing the budget. <br />2. Each Division Chief is responsible for preparing and submitting his/her Division budget in <br />accordance with the budget instructions. <br />3. The Executive Director, in close consultation with the Division Chiefs, is responsible for <br />making the final determination of the proposed budget to be submitted for approval to the <br />Board of Directors. <br />4. The Board of Directors is responsible for adopting the annual operating budget.