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a. The City will str:i:ve tc� maintain an unassi�ned balauce in tlie General. T'unCi --����a
<br />t�ser�e of 50% of the general fund's total annual operating budget (this reserve includes
<br />the designation far cash flows). "T�' � __. ___ _ _ *"�* *' �'�*`•', ^�'^ '*� } � " '' +^
<br />� u«cr�inz . ¢�
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<br />S��niCcant so�rrce of �•evenue in the Ueneral. Fund comes ('rom propert�ta�es,
<br />mainta.inii�� ��f'u�nd bala��ce that is equal to at least six moni;hs of ��perati�n� e�p�nd.itures
<br />ensures tliat suffcieiit res�urces are av�ilable to fiind basic City fimctions bet���een.
<br />pi�opez-ty tax settlerr�ents Tl�is range is in canformance with guidance fr�m tl�e O�ce of
<br />the State Auditor �OSA� Amouilts that exceed 50% ma.y be tra.nsferrecl out to other
<br />funds An assi�;i�ment or restriction of fund baiaiicc �11av Uc used to offset revenues
<br />earnccl in ane vear where substantial services are re�uired to be pe-rforined in fhe next
<br />tiscal period.
<br />b. The City will maintain an amount sufficient to cover accumulated vacation and
<br />compensatory time balances and that portion of PTO leave that would be payable under
<br />the City's severance pay policy or union contracts. This amount shall be adjusted
<br />annually as part of the year-end close and annual financial report process.
<br />c. For specific purposes as autharized by the City Council or the Citv's intended use o:t lhe
<br />TLiriaS.
<br />Funds shall be �'°.��°;;-���'��' assi 7i� led first for compensated absences, second for cash flow needs
<br />and lastly for emergencies/contingencies.
<br />4. Tl�e Cable Fu:nd is a T', � a�.,'�,,,� �,, �, .'� �.� Special Revenue Fund s-�:� N.�w'.'.' �V�+ r::��-that
<br />�rayides for cable and camn�unicatic�n refated expenses to dissen�inate inform.ation ta tl�e pub(ic.
<br />It receives the majori � of its fundin J�, fi.otn franchise fees �vhich are restricted fo�• this use.
<br />�:---"I'l�e Citv «�i11 strive to maintaiu a fiuld balance in thc Cable Fund in an �mount sufticient
<br />ta su�port t11e ongoing operatin�penditures arid ca�ital expenditures �laniaed in the CIP a.nd in
<br />congruence �vith ihe Long Ran�e Financial :Man.a�ement Pla.n. r r,,...,.� ..,,,,.t..,.�� .,.,ai,....,H,,,o,.+-
<br />5 EUA runds �re S�eciallZeveni�c Fu»ds that carryout cconomic and industrial devclopment and
<br />redeveloUment consistcnt with policies established by fhe CitkCouncil. It receives the i�iajoritv
<br />of' its funding frcxn s�eciCc ta�es or c�ther earma.r.ked revenc►e souxces.
<br />The City wil] strive to maii�tain fund balances in the rDA rui�ds in an amouiit sutticient to
<br />su�pc7rt the c�ngoin * expendit�res obligation5 and in congruence witli the I.,on� Ran�e Fi�aanc;ial
<br />Management Plan. Revenues not leg,allv restricted will be committed.
<br />6. Fund balances in Debt Service Funds for future debt payments �=r�" "^ �'��������+^�'are restricted.
<br />7 Capital Funds are used to accouni for the financing of steeei: rehabilitations projects, equip.ment
<br />reulacement �t�blic safety ec�ui�ment and facilitv rehabilitation or renovatron. Revem�e sources
<br />are provided mainly tlrr�ugh pro�erty taxes 5�ecial a5�;essi�ient5 Park �iedication fees an�i
<br />1':\Financc\Policies and Pracedure;s\I'�iicies\Furr� Balance Policy-2011.dac":"�Y�^���^�,`D�,';�;�°`
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<br />r„�, r,.:r+_o,a 1 i ii ni�ni y �•z �_n�Ado��ted 11/28/2011
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