Title
Financial Partners Policy
Action
Action:
Adopt a policy for use through the annual budgeting process related to Financial Partner applicants and funding consistent with the Budget, Governance, and Intergovernmental Relations Committee's recommendation.
Body
Committee Chair:
Dimple Ajmera, Budget, Governance, and Intergovernmental Relations
Staff Resource(s):
Marie Harris, Strategy and Budget
Explanation
* As part of the annual budget development process, the Strategy and Budget Department conducts an application process for funding through the city's financial partners process.
* During the budget development process for fiscal year 2025, a referral was made to the Budget, Governance, and Intergovernmental Relations Council Committee (BGIR) to review the criteria of funding for the Financial Partners Process that is conducted annually as part of budget development.
* Upon review the Committee is proposing updates to the criteria and to formalize the criteria into a Council policy. Key criteria within the proposed policy include:
* Organizations funded through the Financial Partners process must be active non-profit organizations. Organizations that are actively seeking non-profit status can also apply (contracts will not be finalized unless non-profit status is active).
* The requested funding amount should be no more than 30% of organization's budget and be for one-time expenses (programming/staffing).
* Term Limit on Funding for General Fund Discretionary
* Funding for an organization can continue for up to five years (must be approved by Council each year)
* After Financial Partnership period, determination can be made if on-going service contract is appropriate.
* Performance Monitoring and Accountability
* Must include performance and equity metrics that will quantify organizational success in advancing strategic priorities through funded programs and/or initiatives.
* All Financial Partner contracts will include Performance Measures, CBI-Certi...
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