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<br /> <br />City of Arden Hi~ <br />March 24, 20CW <br />Page Four <br /> <br />Financial Position and Results of Operations <br /> <br />General Fund <br /> <br /> <br />which are not required legally or <br />ce increased $200,090 from <br />ecounnend the ftmd balance be <br />June. We feel a reserve of <br />g capital and small <br /> <br />The General ftmd is used to account for resources traditionally associated with gov <br />by sound principal management to be accounted for in another ftmd. The Gener <br />2003. The ftmd balance of$I,314,929 is 41 percent of the 2005 budgeted ex <br />maintained at a level sufficient to fund operations until the major revenue sou <br />approximately 40 to 50 percent of planned expenditures and transfers 0 <br />emergency needs. <br /> <br />The Minnesota Office of the State Auditor has classified cities' <br />follows: <br /> <br />Extremely low <br />Low <br />Acceptable <br />Moderately high <br />High <br />Very high <br />Extremely high <br /> <br />Under 20% <br />21 - 34 <br />35 - 50 <br />51- 64 <br />65 - 100 <br />101-150 <br />Above 150 . <br /> <br />en making this calculation where our <br />no legislati regulating ftmd balance, it is a good policy to <br />n concerns as to the use of fund balance and tax levels. <br /> <br />The State Auditor does group <br />calculation is based only OIL <br />designate intended use 0 <br /> <br />. <br /> <br />952.8~S.9090 . Fax 952.835.:~261 <br /> <br />wwv,.".aemcpas.com <br />