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• For the EDA, its General Operating Fund should maintain a reserve level of 35% of the annual <br /> operating budget to ensure that it has sufficient funds to provide for operations in-between <br /> property tax collection periods. <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 /> • Unless otherwise directed by the City Council, monies held in individual Funds shall be <br /> expended first from restricted fund balances, second from committed fund balances, then from <br /> assigned fund balances,before using unassigned fund balance. <br /> Implementation <br /> All fund reserves shall be reviewed each year at the time of the annual budget preparation for the purpose <br /> of complying with this policy. Budgets shall be prepared on an "All Resources" basis, so that the City <br /> Council and Community can readily discern the current and projected management of all reserves. <br /> If aggregate unrestricted reserves in the tax-supported operating funds are outside of targeted goals, the <br /> Council is advised to create a plan to get reserves into targeted goal ranges by committing reserve funds, <br /> using aggregate excess reserves to reduce the levy, or making appropriate budget or tax levy adjustments. <br /> Page 4 of 4 <br />