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37 completed its review and final tabulation of year-end fund balances. Therefore, at the May 4 City <br />38 Council meeting, staff will bring forward a report on the 2019 year-end balances for city funds and <br />39 identify the amount of funds that can transferred to the Cash Reserve Fund. At that meeting, the City <br />40 Council can also make adjustments to make sure that our funds are in compliance with the Operating <br />41 Fund Reserve policy. <br />42 P OLICY O BJECTIVE <br />43 The purpose of the Operating Fund Reserve policy is to provide a cushion against unexpected <br />44 revenue and incomeinterruptions; to provide working capital by ensuring sufficient cash flow to <br />45 meet the City's needs throughout the year; and (as added by the Finance Commission on 1/14/20) to <br />46 provide funds to address unexpected or unplanned events. <br />47 B UDGET I MPLICATIONS <br />48 This policy adoption has no direct budget implication. The new policy will give the City greater <br />49 flexibility to use funds to address city operations and/or provide for property tax relief. <br />50 S TAFF R ECOMMENDATION <br />51 Staff recommends that the City Council review the changes to the Operating Fund Reserve policy <br />52 regarding the Cash Reserve Fund and consider adopting a resolution approving the revised policy. <br />53 R EQUESTED C OUNCIL A CTION <br />54 Motion to adopt a resolution approvingchanges to the Operating Fund Reserve policy regarding the <br />55 Cash Reserve Fund attached to this Request for Council Action as Attachment C <br />Prepared by: Patrick Trudgeon, City Manager (651) 792-7021 <br />Attachments: A: Finance Commission Meeting minutes dates January 14, 2020 <br />B: Amended Operating Fund Reserve policy <br />C: Resolution approving Amended Operating Fund Reserve policy <br />Page 2 of 2 <br /> <br />