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2006_0717_Packet
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2006_0717_Packet
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�'�ih�� o� <br />��►_ � _ _ 1 �_ � <br />� h <br />.11�ITIti"�i�S�� �'`�r� <br />PUl'�OSO <br />Operating Fund Reserve Policy <br />❑ To provide a cushion against unexpected revenue and income interruptions <br />4 To provide working capital by ensuring sufficient cash flow to meet the City's needs <br />throughout the year <br />�'�,] i�- <br />❑ The City will maintain a general fund reserve of 50% 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 million 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 />❑ 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 this fund is 0%. An additional <br />$800 thousand is needed to comply with this policy. Current Recreation <br />program fee rrtechartis�ns 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 25-50 %�98°�� of the annual budget is a reasonable ta�r ei �. 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 current reserve level for this fund is only 1 S%, although <br />it is expected to grow steadily over the next few years. <br />� <br />
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