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Attachment A 53 EXTRACT OF MINUTES OF MEETING OF THE 54 CITY COUNCIL OF THE CITY OF ROSEVILLE 55 56 * * * * * * * * * * * 57 58 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, 59 County of Ramsey, Minnesota was duly held on the 22nd day of September 2014 at 6:00 p.m. 60 61 The following members were present: 62 and the following were absent: 63 64 Member introduced the following resolution and moved its adoption: 65 66 67 RESOLUTION ______________ 68 69 RESOLUTION AMENDING THE OPERATING FUND CASH RESERVE POLICY 70 FOR THE CITY OF ROSEVILLE 71 72 73 WHEREAS, the City Council of the City of Roseville, Minnesota desires to establish budget and 74 financial policies that provide for the sustainability of City programs, services and infrastructure; and 75 76 WHEREAS, the City Council of the City of Roseville, Minnesota desires to maintain the City’s strong 77 financial condition; and 78 79 WHEREAS, the City Council of the City of Roseville, Minnesota desires to provide appropriate fiscal 80 and budgeting controls. 81 82 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, 83 that the following Operating Fund Reserve Policy be adopted and remain in effect until such time that a 84 subsequent policy action is taken. 85 86 Operating Fund Reserve Policy 87 88 Purpose 89 90 To provide a cushion against unexpected revenue and income interruptions 91 92 To provide working capital by ensuring sufficient cash flow to meet the City's needs 93 throughout the year 94 95 Policy 96 97 The City will maintain a general fund reserve of 35-45% of the general fund's total annual 98 operating budget. This ensures that the City has adequate funds on hand to provide for 99 operations between bi-annual property tax collection periods. Any surplus beyond the required 100 general fund reserve may be transferred to another reserve fund with a funding shortfall 101 Page 3 of 5