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between property tax settlements. This range is in conformance with guidance from the Office of the State Auditor(OSA). " th * ed 50 transf rred out to other funds. The Director of Finance and Administrative Services is authorized to transfer any amount that exceeds 50%to the Permanent Improvement Revolving Fund(PIR).An assignment or restriction of fund balance may be used to offset revenues earned in one year where substantial services are required to be performed in the next fiscal period. b. The City will maintain an amount sufficient to cover accumulated vacation and compensatory time balances and that portion of PTO leave that would be payable under the City's severance pay policy or union contracts. This amount shall be adjusted annually as part of the year-end close and annual financial report process. c. For specific purposes as authorized by the City Council or the City's intended use of the funds. Funds shall be assigned first for compensated absences,second for cash flow needs and lastly for emergencies/contingencies. 4. The Cable Fund is a Special Revenue Fund that provides for cable and communication related expenses to disseminate information to the public. It receives the majority of its funding from franchise fees which are restricted for this use. The City will strive to maintain a fund balance in the Cable Fund in an amount sufficient to support the ongoing operating expenditures and capital expenditures planned in the CIP and in congruence with the Long Range Financial Management Plan. 5. EDA Funds are Special Revenue Funds that carryout economic and industrial development and redevelopment consistent with policies established by the City Council. It receives the majority of its funding from specific taxes or other earmarked revenue sources. The City will strive to maintain fund balances in the EDA Funds in an amount sufficient to support the ongoing expenditures,obligations and in congruence with the Long Range Financial Management Plan. Revenues not legally restricted will be committed. 6. Fund balances in Debt Service Funds for future debt payments are restricted. 7. Capital Funds are used to account for the financing of street rehabilitations projects,equipment replacement,public safety equipment,and facility rehabilitation or renovation. Revenue sources are provided mainly through property taxes,special assessments,Park dedication fees, and charitable gambling. Street projects,equipment purchases, and renovations are programmed into the City's Capital Improvement Plan and are generally planned years in advance. The City will strive to maintain fund balances in the Equipment Building&Replacement Fund, Public Safety Capital Fund,Parks Fund,and the Permanent Revolving Improvement Fund in an amount sufficient to support the ongoing capital expenditures planned in the CIP and in congruence with the Long Range Financial Management Plan. Revenues not legally restricted will be assigned. • C:\Users\kyle.howard\Desktop\Fund Balance Policy-2014.docxP:\Finance\Policies and Procedures\Policies\Fund Balance Policy-2011.doc Adopted 11/28/2011