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2012_1022_packet
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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br />� � � � � � � � � � � <br />� Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, <br />County of Ramsey, Minnesota was duly held on the 22nd day of October 2012 at 6:00 p.m. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />1.7 ST.YI] i1111 Y [�]►`I <br />RESOLUTION ADOPTING FINANCIAL AND BUDGET POLICIES <br />FOR THE CITY OF ROSEVILLE <br />WHEREAS, the City Council of the City of Roseville, Minnesota desires to establish budget and financial <br />policies that provide for the sustainability of City programs, services and infrastructure; and <br />� WHEREAS, the City Council of the City of Roseville, Minnesota desires to maintain the City's strong <br />iinancial condition; and <br />� WHEREAS, the City Council of the City of Roseville, Minnesota desires �o provide appropriate fiscal and <br />� budgeting controls. <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, that the <br />following budget and financial policies be adopted and remain in effect until such time that a subsequent <br />policy action is taken. <br />Investment Policy <br />Purpose <br />The purpose of the Investment Policy is to ensure the most efficient use of the City's idle funds, and to <br />ensure the best return on these funds while making only those investments allowed by law. <br />Policv <br />❑ The City will make a cash flow analysis of all funds on a regular basis. Disbursement, collection, <br />and deposit of all funds will be scheduled to ensure maximum cash availability. <br />❑ When permitted by law, the City will pool cash from several different funds for investment <br />purposes. <br />❑ The City will invest 99 percent of its idle cash on a continual basis. <br />❑ The City will obtain the best possible return on all cash investments. Such investments will only be <br />Page 3 of 7 <br />
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