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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 3rd day of December 2007 at 6:00 p.m. The following members were present: Kough, Roe, Ihlan, Pust and Klausing and the following were absent: none. Member Pust introduced the following resolution and moved its adoption: RESOLUTION 10576 RESOLUTION TRANSFERRING MONIES FROM THE TAXPAYER REDUCTION FUND TO THE GENERAL AND PARKS & RECREATION FUNDS; AND ABOLISHING THE TAXPAYER REDUCTION FUND WHEREAS, the City Council of the City of Roseville, Minnesota desires to establish financial and budget policies that provide for the sustainability of City programs, services and infrastructure; and WHEREAS, the City Council has previously adopted an Operating Fund Reserve Policy that establishes target cash reserve levels; and WHEREAS, the City maintains a Taxpayer Reduction Fund whose structure is no longer consistent with generally accepted accounting practices. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, that the following actions be taken. 1) A transfer of $400,000 shall be made from the Taxpayer Reduction Fund to the Parks & Recreation Fund 2) A transfer of $1.5 million (and any residual monies) shall be made from the Taxpayer Reduction Fund to the General Fund 3) Upon the transfer of all monies as prescribed above, the Taxpayer Reduction Fund is hereby abolished. The motion for the adoption of the foregoing resolution was duly seconded by Member Roe and upon a vote being taken thereon, the following voted in favor thereof: Kough, Roe, Ihlan, Pust and Klausing and the following voted against the same: none. WHEREUPON, said resolution was declared duly passed and adopted. 1