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SEP-28-2007 13:20 CITY OF SHOREUIEW 6514904699 P.05/06 EXTRACT OF MINUTES OF THE MEETING OF THE CITY COUNCIL OF SHOREVIEW,MINNESOTA HELD APRIL 6, 1998 * * * * * * * * * * * * * * $ * * * * * * * * * * * * ,K * Pursuant to due call and notice thereof, a meeting of the City Council of the City of Shoreview, Minnesota,was duly called and held at the Shoreview City Hall in said City on April 6, 1998, at 7:00 p.m. The following members were present: Mayor Martin, Councilmembers Huffman, Landwehr, Reiter, and Wickstrom; and the following members were absent: none. Councilmember Landwehr introduced the following resolution and moved for its adoption. RESOLUTION NO. 98-25 RESOLUTION.ESTABLISHING A POLICY FOR DESIGNATING GOVERNMENTAL AND TRUST FUND BALANCES WHEREAS, major General Fund revenues, including property taxes, homestead and agricultural credit aid(I-IACA), local government aid(LGA) and local performance • aid (LPA) are received in the second half of each year, and WHEREAS, fund balances are necessary in order to maintain adequate cash flow reserves and fund unanticipated costs, and WHEREAS,the City has established certain Special Revenue Funds for the purpose of collecting revenues dedicated to specific programs and related expenditures, and WHEREAS,the City has established certain Capital Project Funds for the purpose of collecting revenues dedicated to specific projects and related expenditures. NOW, THEREFORE BE 1T RESOLVED, by the City Council of the City of Shoreview, County of Ramsey, State of Minnesota, that the following policy be established for designations of fund balance reported at December 31 of each year • beginning with the year ended December 31, 1997. 1. Cash flow—General Fund balances will be designated for cash flow purposes in an amount equal to fifty percent (50%) of the ensuing years General fund tax levy, HACA, LGA and LPA. •