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03-31-14-R
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03-31-14-R
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3/28/2014 4:31:54 PM
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DRAFT <br /> <br />The City has several items that are legally restricted to a certain use such as: police forfeiture funds, <br />federal and state economic development revolving loans, park dedication fees, and bond proceeds. <br /> <br />Committed Fund Balance <br /> consists of internally imposed constraints. These constraints are established <br />by Resolution of the City Council. Commitments may be changed or lifted only by the government <br />taking the same formal action that imposed the constraint originally. <br />Assigned Fund Balance <br />consists of internally imposed constraints. These constraints reflect the <br />Council and/or management. Pursuant to City Council Resolut <br />Administrative Services and/or City Administrator is authorized to establish assignments of fund balance. <br /> <br />Unassigned Fund Balance <br />is the residual classification for the general fund and also reflects negative <br />residual amounts in other funds. <br /> <br />General Fund The uassigned fund balance should be at a minimum 50% of operating expenditures (this <br />strive to follow this recommendation. <br /> <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 /> <br /> <br />Review and Approval <br /> <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 /> <br />Approval by the City Council the 28th Day of November, 2011. <br /> <br /> <br /> <br /> ________________________________ <br /> David Grant, Mayor <br /> ATTEST: <br /> <br /> <br />_______________________________ <br />Patrick Klaers, City Administrator <br />P:\Finance\Policies and Procedures\Policies\Fund Balance Policy -2014.docxP:\Finance\Policies <br />and Procedures\Policies\Fund Balance Policy-2011.doc <br />Revised 03/1431/2014 <br />
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