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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 /> Committed Fund Balance—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—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 /> David Grant,Mayor <br /> ATTEST: <br /> Patrick Klaers,City Administrator <br /> • C:\Users\kyle.howard\Desktop\Fund Balance Policy-2014.docxP:\Finance\Policies and <br /> Procedures\Policies\Fund Balance Policy-2011.doc <br /> Adopted 11/28/2011 <br />