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[� City enterprise funds shall have operating cash reserves sufficient to provide for <br />monthly cash flow, and for a reasonable level of equipment and infrastructure <br />replacement. Major reconstruction or system upgrades, may need to be funded from <br />enterprise revenue bonds. Annual utility rate reviews will he made in regard to <br />projected operating expenses and capital improvements. The Council will, on an annual <br />basis, establish rates in accordance to operating cost recovery and the projected capital <br />improvements <br />* Comment * the current reserve level for these funds are at acceptable <br />levels except for the Water Fund. Above-inflation water rate increases <br />will be needed each year for an estimated 1 D years to bring the Water <br />Fund's financial condition to a level that is similar to all other �'�F� <br />operations. The alternative is to i�^ansfer monies frorrc other enterprise <br />funds that have stronger-than-neededreserve levels <br />� All other operational funds �.g. License Center, Information Technology, etc are <br />expected to operate with positive reserve balances of 10-25% �t 1��� of the annual <br />operating budget. ��$��, �-° ^�t�es������—€e����A-u�� <br />���}��]�.L� �rt'J.� , '"�+�' d{isk, � i,.y -�1-.� �. •„ � G,�,1 � � �.� .i,-�� [;I.L:��z�r'�^ -"'�"c`r <br />�� Each o�eratianal fund shall be reviewed on an annual basis to assure the <br />fund balance is in line with �:he fund's obj ectives <br />4 A one time capital gain on the City's treasury portfolio in 1998 has provided for a <br />Taxpaver Reduction fund which has been dedicated to providing an ongoing tax <br />reduction to Roseville property taxpayers. The intent of this fund is to transfer the <br />annual interest earnin�s to the General Fund to partia��v reduce the necessarv tax lew. <br />'�E�� �r�+��cz+eri--����� jx��ts Es ta e��ee�� �e��ire� ���—�a�+�e�s�� <br />��[�_�.�:�� ��r�i�tra���. ��; r��,��� ������������r��'-.��� � 'i'�i� <br />Fund has been formallv categorized 1}+� the Council as a�ermanent fund; wherebv onlv <br />the interest proceeds are used each vear for the stated purpose. The ori i� nal principal <br />amount remains intact <br />* Comment * the currentreserve level for this fund is $1.9 million. While <br />the original intent was to ensure that this fund remain separate fi^om all <br />others, low reserve levels in the Ci ty's key operating funds — specifically <br />the General Fund, may warrant a transfer of these monies elsewhere. <br />Implementation <br />All fund reserves shall be reviewed each year at the time of the annual budget preparation. <br />Budgets shall be prepared on an "All Resources" basis, so that the City Council and �:���t��in�nirs�� <br />can readily discern �hc� current and projected management of all reserves. <br />l3 <br />