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DRAFT <br />expenditures ensures that sufficient resources are available to fund basic City functions <br />between property tax settlements. This range is in conformance with guidance from the <br />Office of the State Auditor (OSA). Amounts that exceed 50% may be transferred out to <br />other funds. The Director of Finance and Administrative Services is authorized to <br />transfer any amount that exceeds 50% to the Permanent Improvement Revolving <br />Fund(PIR). An assignment or restriction of fund balance may be used to offset revenues <br />earned in one year where substantial services are required to be performed in the next <br />fiscal period. <br /> <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 />annually as part of the year-end close and annual financial report process. <br /> <br />c. For specific purposes as authorized by the City Council or <br />funds. <br /> <br />Funds shall be assigned first for compensated absences, second for cash flow needs and lastly for <br />emergencies/contingencies. <br /> <br /> <br />4. The Cable Fund is a Special Revenue Fund that provides for cable and communication related <br />expenses to disseminate information to the public. It receives the majority of its funding from <br />franchise fees which are restricted for this use. <br /> <br />The City will strive to maintain a fund balance in the Cable Fund in an amount sufficient to <br />support the ongoing operating expenditures and capital expenditures planned in the CIP and in <br />congruence with the Long Range Financial Management Plan. <br /> <br />5. EDA Funds are Special Revenue Funds that carryout economic and industrial development and <br /> redevelopment consistent with policies established by the City Council. It receives the majority <br /> of its funding from specific taxes or other earmarked revenue sources. <br /> <br /> The City will strive to maintain fund balances in the EDA Funds in an amount sufficient to <br /> support the ongoing expenditures, obligations and in congruence with the Long Range Financial <br /> Management Plan. Revenues not legally restricted will be committed. <br /> <br />6. Fund balances in Debt Service Funds for future debt payments are restricted. <br /> <br />7. Capital Funds are used to account for the financing of street rehabilitations projects, equipment <br />replacement, public safety equipment, and facility rehabilitation or renovation. Revenue sources <br />are provided mainly through property taxes, special assessments, Park dedication fees, and <br />charitable gambling. Street projects, equipment purchases, and renovations are programmed into <br /> <br /> <br />The City will strive to maintain fund balances in the Equipment Building & Replacement Fund, <br />Public Safety Capital Fund, Parks Fund, and the Permanent Revolving Improvement Fund in an <br />amount sufficient to support the ongoing capital expenditures planned in the CIP and in <br />congruence with the Long Range Financial Management Plan. Revenues not legally restricted <br />will be assigned. <br /> <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 />