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• <br /> -AR EN HILLS <br /> MEMORANDUM <br /> DATE: January 4, 2008 <br /> TO: Financial Planning and Analysis Committee <br /> FROM: Sue Iverson, Finance Director <br /> SUBJECT: Fund Balance Policy Discussions <br /> BACKGROUND: <br /> One of the priorities that the Council has assigned to this committee is to work on a Fund <br /> Balance Policy. At the August 14, 2007 meeting we began these discussions. We looked at the <br /> reasons and objectives for such a policy and discussed factors that we wanted to consider in <br /> • developing our policy. We also looked at what information we would need in order to make <br /> these decisions. We continued the discussions at our October 9, 2007 and made revisions and <br /> recommendations to the draft policy. <br /> DISCUSSION: <br /> I have updated the draft policy we worked on at our last meeting per committee consensus. I <br /> have highlighted one area that needs clarification under the general fund undesignated area. This <br /> area may be deleted,but I was unsure if we wanted to include a contingency amount in the <br /> policy or not. <br /> The committee may find it helpful to look at your last packet which contained the sample <br /> policies from cities,which we used for a basis of our discussions last time. <br /> RECOMMENDED ACTION: <br /> Provide feedback and discussion on draft fund balance policy. <br />