Laserfiche WebLink
during the year. Funds in excess of the target level may be used for any <br />legal purpose determined by the City Council including one-time capital <br />expenditures and transfer to other funds. <br />IL STABILIZATION ARRANGEMENTS <br />Stabilization arrangements are defined as formally setting aside amounts for use in <br />emergency situations or when revenue shortages or budgetary imbalances arise. <br />The City will set aside amounts by resolution as deemed necessary that can only be <br />expended when certain specific circumstances exist. The resolution will identify and <br />describe the specific circumstances under which a need for stabilization arises. The need <br />for stabilization will only be utilized for situations that are not expected to occur routinely. <br />III. MONITORING AND REPORTING <br />The City Administrator, Finance Director or designee shall annually prepare the status of <br />fund balances in relation to this policy and present to the City Council in conjunction with <br />the development of the annual budget. <br />When both restricted and unrestricted resources are available for use, it is the City's policy <br />to first use restricted resources, and then use unrestricted resources as they are needed. <br />When committed; assigned or unassigned resources are available for use, it is the City's <br />policy to use resources in the following order; 1.) committed 2.) assigned and 3.) <br />unassigned. <br />A negative residual amount may not be reported for restricted, committed, or assigned fund <br />balances in the General fund. <br />Adopted by the City Council of Centerville, Minnesota this 8th day of July, 2020. <br />. <br />D. Love, Mayor <br />ATTEST: <br /> <br />Teresa Bender, City Clerk <br />