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��� <br />��� <br />��� <br />;�� <br />33R <br />33� <br />3��} <br />��Z <br />��� <br />�:i? <br />�•��9 <br />��� <br />��� <br />��� <br />3 ��3 <br />3�9 <br />350 <br />��� <br />3�� <br />��3 <br />�5� <br />��� <br />3 S�i <br />��� <br />35� <br />��� <br />3f� <br />��, <br />���. <br />3�a <br />3 6�� <br />3�� <br />3�� <br />36? <br />��� <br />�69 <br />��� <br />3�1 <br />3�? <br />C'i+� �I <br />� <br />� � <br />� 1] in n�co[u, l��ir1 <br />Operating Fund Reserve Policy <br />Rur�xk� <br />Cl To provide a cushion against unexpected revenue and income interruptions <br />� To provide working capital by ensuring sufficient cash flow to meet the City's needs <br />throughout the year <br />� <br />4 The City will maintain a general fund reserve of SO% of the general fund's total annual <br />operating budget. Any surplus beyond the required general fund reserve may be <br />transferred to another reserve fund with a funding shortfall <br />* Comment * the current reserve level for this fund is only 30%. An <br />additional $2 millio� is needed to comply with this policy. Current <br />General Fund revenues and budgeting practices are unlikely to produce <br />the surpluses needed to comply with this policy. <br />C� The City will strive to create a reserve in the Recreation Fund to equal 25% of the <br />annual recreation budget. This reserve will provide a cash flow cushion and reduce the <br />inter-fund borrowing expense to the Recreation Fund. Because of more frequent cash <br />inflows, a 25% reserve will be adequate to support the daily cash needs of the fund <br />* Comment * the current reserve level for thisefund is S%. An additional <br />$800 thousand is needed to comply with this policy. Current Recreation <br />progi^am fee mechanisms and budgetingpractices are unlikely to produce <br />the surpluses needed to comply with this policy. <br />�] The Community Development Fund is supported solely by building permit fees and <br />charges. Because the economic environment has a major effect on this Fund, a fund <br />balance of 25-SO °l0 6{�''.•� of the annual budget is a reasonable �r��:� gea�. It is <br />expected that as economic downturns take place, this reserve will provide for a <br />transition period during which the Council will be able to assess and to better match <br />operations with the economic need <br />* Comment *the currentreserve level for this fund is at 35%. <br />9� <br />