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STATE OF MINNESOTA <br /> COUNTY OF ANOKA <br /> CITY OF CENTERVILLE <br /> Res. #09 -0 <br /> RESOLUTION ESTABLISHING A MINIMUM GENERAL FUND BALANCE <br /> WHEREAS, since a substantial portion of revenue sources (taxes and intergovernmental <br /> revenues) are received in the last two months of each six -month cycle, Minnesota cities must <br /> maintain substantial amounts of fund balance in order to meet their liquidity and working capital <br /> needs as an operating entity. <br /> WHEREAS, the General Fund is used to account for resources traditionally associated with <br /> government, which are not required legally or by sound principal management to be accounted <br /> for in another fund. The State of Minnesota reviews the fund balances of each city when <br /> preparing the government aid formulas. <br /> WHEREAS, the City of Centerville's 2009 fund balance of $1,157,516 is approximately 44 <br /> percent of the 2009 budgeted expenditures. <br /> BE IT RESOLVED by the City Council (the "Council ") of the City of Centerville, <br /> Minnesota, as follows: <br /> The City establishes a minimum unreserved balance in the General Fund of approximately 40 <br /> to 50 percent of planned expenditures and transfers to meet working capital and small <br /> emergency needs. <br /> Adopted by the City Council of Centerville, Minnesota, this day of <br /> ,20 <br /> Mary Capra, Mayor <br /> Attest: <br /> Teresa Bender, Clerk <br /> 44 <br />