Laserfiche WebLink
c. To provide for emergencies or contingencies, such as revenue shortfalls,that the <br /> City may encounter as part of its operations. This reserve shall be set at a of <br /> the ensuing years General Fund operating expenditures (not including capital <br /> outlay, debt service or transfers to other funds). <br /> d. For specific purposes as authorized by the City Council. <br /> Funds shall be designated first for compensated absences, second for cash flow needs and <br /> lastly for emergencies/contingencies. <br /> The amount of the General Fund balance greater than the sum of all General Fund <br /> designations will be transferred to a fund or funds determined by the City Council. Such <br /> transfer is pursuant to Council approval. <br /> 5. Fund balances held in Special Revenue Funds or Capital Project Funds for future <br /> program and/or project costs and net yet legally obligated will be designated. <br /> 6. Fund balances in Debt Service Funds for future debt payments will be designated. <br /> 7. City enterprise funds shall have operating cash reserves sufficient to provide for monthly <br /> cash flow, and for a reasonable level of equipment and infrastructure replacement. Major <br /> • reconstruction or system upgrades,may need to be funded from enterprise revenue bonds. <br /> Annual utility rate reviews will be made in regard to projected operating expenses and <br /> capital improvements. The Council will, on an annual basis, establish rates in accordance <br /> to operating cost recovery and the projected capital improvement. <br /> 8. Fund balances will be designated according to the above guidelines up to the amount <br /> available after other designations. This policy is not intended to require the reporting of <br /> deficit undesignated fund balances. <br /> Review and Approval <br /> The fund balance policy shall be formally approved and adopted by resolution of the City <br /> Council and any future changes to the policy must be approved by the City Council. <br /> Approval by the City Council the_Day of , 2007. <br /> Stanley D. Harpstead, Mayor Date <br /> 41111 Michelle A. Wolfe, City Administrator Date <br /> \\Metro-inet\ArdenHills\Finance\Policies and Prreedures\Policies\Fund Balance Policy.doe <br /> Last printed 10/5/2007 10:56 AM <br />