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Operating Fund Reserve Policy <br /> Revised September 20, 2021 <br /> <br /> <br />As part of the annual audit, the excess funds above the maximum reserve level at December 31 of the previous <br />year (less funds needed for capital expenditures and funds donated to these accounts) shall be transferred to the <br />Cash Reserve Fund before the books are closed for that particular year. The funds transferred to the Cash Reserve <br />Fund shall be tracked on an annual basis and reported to the Finance Commission and approved by the City Council <br />by April of the subsequent year. <br /> <br />Any expenditures from the Cash Reserve Fund must be authorized by the City Council. <br /> <br /> <br />Page 3 of 3 <br />Qbhf!31!pg!241 <br /> <br />