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Assigned Fund Balance — consists of internally imposed constraints. These constraints reflect the <br />specific purpose for which it is the City's intended use. These constraints are established by the City <br />Council and/or management. Pursuant to City Council Resolution, the City's Director of Finance and <br />Administrative Services and/or City Administrator is authorized to establish assignments of fund balance. <br />Unassigned Fund Balance — is the residual classification for the general fund and also reflects negative <br />residual amounts in other funds. <br />General Fund — The uassigned fund balance should be at a minimum 50% of operating expenditures (this <br />includes the designation for cash flows). The City's goal will be to strive to follow this recommendation. <br />Enterprise Funds — It is expected that unrestricted net assets will be large. These funds have large <br />investment in infrastructure that needs to be maintained. The City will periodically complete a rate study <br />for these funds to ensure rates and unrestricted net assets are sufficient to operate and maintain these <br />activities. <br />Review and Approval <br />The fund balance policy shall be formally approved and adopted by resolution of the City Council and <br />any future changes to the policy must be approved by the City CounciL <br />Approval by the City Council the 28th Day of November, 2011. <br />ATTEST: <br />Patrick Klaers, City Administrator <br />David Grant, Mayor <br />P:\Finance�Policies and Procedures\Policies\Fund Balance Policy-201 l.doc <br />Adopted 11/28/2011 <br />