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2014 Approved Budget
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2014 Approved Budget
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Purpose <br />Polic <br />City of Roseville — 2014 Budget <br />Operating Fund Reserve Policy <br />❑ To provide a cushion against unexpected revenue and income interruptions <br />❑ To provide working capital by ensuring sufficient cash flow to meet the City's needs throughout <br />the year <br />❑ The City will maintain a general fund reserve of 35 -45% of the general fund's total annual <br />operating budget. This ensures that the City has adequate funds on hand to provide for <br />operations between bi- annual property tax collection periods. Any surplus beyond the required <br />general fund reserve may be transferred to another reserve fund with a funding shortfall <br />❑ The City will strive to create a reserve in the Recreation Fund to equal 25% of the annual <br />recreation budget. This reserve will provide a cash flow cushion and reduce the inter -fund <br />borrowing expense to the Recreation Fund. Because of more frequent cash inflows, a 25% <br />reserve will be adequate to support the daily cash needs of the fund <br />❑ The Community Development Fund is supported solely by building permit fees and charges. <br />Because the economic environment has a major effect on this Fund, a fund balance of 25 -50 % <br />of the annual budget is a reasonable target. It is expected that as economic downturns take <br />place, this reserve will provide for a transition period during which the Council will be able to <br />assess and to better match operations with the economic need <br />❑ City enterprise funds shall have operating cash reserves sufficient to provide for monthly cash <br />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 capital <br />improvements. The Council will, on an annual basis, establish rates in accordance to operating <br />cost recovery and the projected capital improvements <br />❑ All other operational funds e.g. License Center, Information Technology, etc are expected to <br />operate with positive reserve balances of 10 -25% of the annual operating budget. Each <br />operational fund shall be reviewed on an annual basis to assure the fund balance is in line with <br />the fund's objectives <br />❑ In the event the minimum fund balance drops below prescribed levels, the City shall dedicate <br />new incoming property tax or program revenues (where applicable) in an amount sufficient to <br />bring fund balance levels back into compliance within three fiscal years <br />111 <br />
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