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EXTRACT OF MINUTES OF MEETING OF THE • CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 8th day of September 2014 at 6:00 p.m. The following members were present: Willmus, Laliberte, Etten, McGehee, Roe and the following were absent: None. Member Willmus introduced the following resolution and moved its adoption: RESOLUTION NO. 11174 RESOLUTION AMENDING THE OPERATING FUND CASH RESERVE POLICY FOR THE CITY OF ROSEVILLE WHEREAS, the City Council of the City of Roseville, Minnesota desires to establish budget and financial policies that provide for the sustainability of City programs, services and infrastructure; and WHEREAS, the City Council of the City of Roseville, Minnesota desires to maintain the City's strong financial condition; and WHEREAS, the City Council of the City of Roseville, Minnesota desires to provide appropriate fiscal and budgeting controls. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, that the following Operating Fund Reserve Policy be adopted and remain in effect until such time that a subsequent policy action is taken. Operating Fund Reserve Policy Purpose U To provide a cushion against unexpected revenue and income interruptions U To provide working capital by ensuring sufficient cash flow to meet the City's needs throughout the year Policy U The City will maintain a general fund reserve of 35-45% of the general fund's total annual operating budget. This ensures that the City has adequate funds on hand to provide for operations between bi-annual property tax collection periods. Any surplus beyond the required general fund reserve may be transferred to another reserve fund with a funding shortfall