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�I�EN�HILLS <br /> carried from year to year. Can make the contingency part of the budget process. <br /> Currently the city is under spending in the budget. At this time the park capital fund has <br /> lost its funding source and we want to start a capital equipment fund but we don't know <br /> where to get the funds from. This policy does not look at month to month cash flow; it is <br /> based off of a one point in time comparison. It may be much: easier to have a separate <br /> contingency fund. Section 3.A states 50%, which is a good (umber based off of <br /> expenditures. In order to keep compliant we need to follow the budget closely. There is <br /> a sinking fund for public safety capital and for capital. protects Thera is of a> eparate <br /> one for other capital or capital equipment. Johnson asked if we have a li ne:of:credit. <br /> We can do tax anticipation notes; borrowing money; f: your expected taxes from <br /> the county. We will be working on a policy for reserved'funds <br /> Suggestion: Within Section 3 add a speciWttakiRRoplace Section 3.0 with Section <br /> 3.D. Consider rewording Section 3. Section 5 replace reset,with not. Consider adding <br /> definitions for further clarification, add as an; ddendum <br /> io VI. QUESTIONS/COMMENTS FROM COMMITTEE <br /> VII. NEXT MEETING AGENDA:- lovember 13, 2007 <br /> A. Continue Fund Balance Policy,Discussion <br /> B. Use f Capital Improvement Funds/Fund Balance <br /> * Send snapshots of cash flow PEW from auditors. <br /> * Separate'contingency fund agenda items. <br /> VII. ADJOURN <br /> Motioned Jinn Ostlund <br /> Seconded: Jeff.Johnson <br /> • Scott Bronson, Chair Susan K. Iverson, Finance Director <br /> City of Arden Hills <br />