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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 18th day of April 2011 at 6:00 p.m. The following members were present: Willmus, McGehee, Pust, Johnson and Roe and the following were absent: none. Member Johnson introduced the following resolution and moved its adoption: RESOLUTION 10893 RESOLUTION ADOPTING FINANCIAL AND BUDGET POLICIES FOR THE CITY OF ROSEVILLE WHEREAS,the City Council of the City of Roseville,Minnesota desires to establish budget and financial policies that provide for the sustainability of City programs, services and infrastructure; and WHEREAS, the City Council of the City of Roseville, Minnesota desires to maintain the City's strong financial condition; and WHEREAS,the City Council of the City of Roseville,Minnesota desires to provide appropriate fiscal and budgeting controls. NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Roseville,Minnesota,that the following budget and financial policies be adopted and remain in effect until such time that a subsequent policy action is taken. Operating Budget Policy Purpose The purpose of the City's Operating Budget Policy is to ensure that the City's annual operating expenditures are based on a stable stream of revenues. The policies are designed to encourage a long-term perspective to avoid pursuing short-term benefits at the expense of future impacts. The intent of this policy is to enable a sustainable level of services, expenditures, and property tax levies. Scope This policy applies most critically to those programs funded through the property tax,as fluctuations in this revenue source can have substantial impacts. Page 1 of 10