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2021_0322_CCPacket
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2021_0322_CCPacket
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1/13/2022 3:31:22 PM
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Roseville City Council
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Council Agenda/Packets
Meeting Date
3/22/2021
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34 Financial Sustainability Impacts <br />35 As noted last year, COVID-19 pandemic demonstrated why the City has reserves and the impacts that <br />36 can come from unforeseen events. The fund balance policies are set up to address such unforeseen <br />37 situations. <br />38 <br />39 Based on reserve fund policies and operational needs, staff recommends that the following amounts <br />40 should be transferred from the cash reserve fund: <br />41 <br />42 $354,958 to License Center –to maintain minimum fund balance <br />43 P OLICY O BJECTIVE <br />44 It is recommended that the Cityadhere to its established fund reserve policies both in the movement of <br />45 excess cash reserves and in the maintenance of minimum balances. It is also recommended that the <br />46 Council consider adjusting the reserve range for the Parks and Recreation fund and the Information <br />47 Technology Fund as noted above. <br />48 F INANCIAL I MPACTS <br />49 See above. <br />50 S TAFF R ECOMMENDATION <br />51 Staff recommends the City Council receive the 2020 Cash Reserve Fund report and consider adjusting <br />52 the Park & Recreation fund from a flat target of 25%to a range of 20% - 25% and modifying the high <br />53 end target for the Information Technology fund from 15% to 25%. Staff recommends the transfer of <br />54 $354,958 to the License Center fund to maintain the minimum reserve level of 10%. <br />55 R EQUESTED C OUNCIL A CTION <br />56 Motion to receive the 2020 Cash Reserve Fund report showing and transfer $354,958 to the License <br />57 Center fund from the Cash Reserve Fund. <br />58 <br />59 <br />60 <br />Prepared by: Michelle Pietrick, Finance Director <br />Attachments: A: Operating Fund Reserve Policy <br /> B: Cash Reserve Fund Levels as of 12/31/20 <br /> <br />Page 2 of 2 <br /> <br />
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