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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 22nd day of October 2012 at 6:00 p.m. The following members were present: Willmus, Johnson, Pust, McGehee, Roe and the following were absent: None. Member Johnson introduced the following resolution and moved its adoption: RESOLUTION No. 11021 RESOLUTION ADOPTING FINANCIAL AND BUDGET POLICIES 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 budget and financial policies be adopted and remain in effect until such time that a subsequent policy action is taken. Investment Policy Purpose The purpose of the Investment Policy is to ensure the most efficient use of the City's idle funds, and to ensure the best return on these funds while making only those investments allowed by law. Policy ❑ The City will make a cash flow analysis of all funds on a regular basis. Disbursement, collection, and deposit of all funds will be scheduled to ensure maximum cash availability. ❑ When permitted by law, the City will pool cash from several different funds for investment purposes. ❑ The City will invest 99 percent of its idle cash on a continual basis. ❑ The City will obtain the best possible return on all cash investments. Such investments will only be