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2021_0322_CCPacket
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2021_0322_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
3/22/2021
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Attachment A <br /> Operating Fund Reserve Policy <br /> Revised April 27, 2020 <br /> <br /> <br /> For the EDA, its General Operating Fund should maintain a reserve level of 35% of the annual <br />budget to ensure that it has sufficient funds to provide for operations in-between property tax <br />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 /> <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 /> <br />Implementation <br />All fund reserves shall be reviewed each year at the time of the annual budget preparation for the <br />purpose of complying with this policy. Budgets shall be prepared on an "All Resources" basis, so that <br />the City Council and Community can readily discern the current and projected management of all <br />reserves. <br /> <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 <br />funds, using aggregate excess reserves to reduce the levy, or making appropriate budget or tax levy <br />adjustments. <br /> <br />Cash Reserve Fund <br />The City has established a Cash Reserve Fund that will take the excess cash reserves from selected funds that are <br />over the maximum reserve levels as defined under this policy, less funds needed for capital expenditures or funds <br />donated to the City. The following funds are subject to the Cash Reserve Fund policy: <br /> <br /> General Fund (unrestricted portion) <br /> Parks and Recreation Fund <br /> Communication Fund <br /> Information Technology Fund <br /> License Center <br /> <br />On April 1 of each year, the excess funds above the maximum reserve level at December 31 of the previous year <br />(less funds needed for capital expenditures and funds donated to these accounts) shall be transferred to the Cash <br />Reserve Fund. The funds transferred to the Cash Reserve Fund shall be tracked on an annual basis and reported to <br />the Finance Commission and City Council. <br /> <br />Any expenditures from the Cash Reserve Fund must be authorized by the City Council. <br /> <br /> <br />Page 2 of 2 <br /> <br />
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