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annual interest earnings to the General Fund to partially reduce the necessary tax levy. <br />This Fund has been formally categorized by the Council as a permanent fund, whereby <br />only the interest proceeds are used each year for the stated purpose. The original <br />principal amount remains intact <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, <br />so that the City Council and Community can readily discern the current and projected <br />management of all reserves. <br />The motion for the adoption of the foregoing resolution was duly seconded by Member Ihlan <br />and upon a vote being taken thereon, the following voted in favor thereof: Pust, Roe, Ihlan, <br />Kough and Klausing. <br />and the following voted against the same: none. <br />WHEREUPON, said resolution was declared duly passed and adopted. <br />