Financial Policies and Other Legislation

The City is a home rule city, organized under provisions of the Colorado Constitution. The City Charter, first adopted in 1912, provides for the council-manager form of local government. Policymaking and legislative authority is vested in a governing council consisting of five members elected at large on a non-partisan basis to staggered four-year terms. The Financial Procedures Section of the City Charter sets forth the Financial Procedures for the City Of Durango.

City of Durango City Charter Article V. - Financial Procedures can be found at: https://library.municode.com/co/durango/codes/code_of_ordinances?nodeId=PTICH_ARTVFIPR

The City of Durango faces risks such as revenue shortfalls during recessions and losses from extreme events, like wildfires, economic downturns, and infrastructure failures. Reserves help make sure that the City of Durango can respond quickly and decisively to extreme events. Reserves also support vital public services during revenue declines. A reserve policy describes how much we will try to retain in our reserve. It also describes acceptable uses of and replenishment of reserves.

General Fund Reserve Policy can be found at: https://www.durangogov.org/DocumentCenter/View/20918/General-Fund-Reserve-Policy

The operating budget is among the most important public documents the City of Durango produces. As a financial plan, it sets forth the taxing and spending direction. As a communications device, the operating budget makes the financial plan and service priorities transparent to public officials and citizens. The budget is a powerful expression of the vision for how Durango will service the community.

Operating Budget Policy can be found at: https://www.durangogov.org/DocumentCenter/View/20919/Operating-Budget-Policy-

Capital Infrastructure is vital for our community to thrive. This policy supports our infrastructure by:

• Protecting and improving the historical investments City of Durango has made in its infrastructure.
• Promoting wise investment in new infrastructure

Capital Improvement Plan Policy can be found at: https://www.durangogov.org/DocumentCenter/View/20917/Capital-Management-Policy-

Current Budget Legislation

The City of Durango is required to prepare, adopt and file a budget with the Department of Local Affairs annually.