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Councilmember introduced the following resolution and moved for its adoption: <br />RESOLUTION #10-04-XXX <br />RESOLUTION ESTABLISHING THE TRANSFER FROM THE GENERAL FUND TO <br />THE PUBLIC IMPROVEMENT REVOLVING FUND (PIR) THE AMOUNT <br />ATTRIBUTED TO THE 10% UNRESERVED/UNDESIGNATED FUND BALANCE, <br />BUT WHICH ALSO LEAVES THE GENERAL FUND AT A 50% FUND BALANCE OF <br />THE NEXT YEARS ADOPTED OPERTING BUDGET PLUS PRIOR YEAR <br />ENCUMBRANCES AND COMPENSATED ABSENCES <br />WHEREAS, the State Auditor recommends a fund balance of 35-50% of next year's <br />operating expenditures; and <br />WHEREAS, the city's policy was currently at 60%; and <br />WHEREAS, to bring into State Auditor compliance, the City will transfer up to 10% of <br />fund balance (after 50% fund balance is met plus any prior-year encumbrances (if any) that have <br />been carried forward and compensated absences) to the Public Improvement Revolving Fund <br />(PIR). <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1) That the Finance Officer is hereby directed to transfer up to 10% of the <br />Unreserved/Undesignated Fund balance currently within the General Fund to the Public <br />Improvement Revolving Fund (PIR). <br />The 10% will be calculated after the 50% General Fund Balance requirement has been <br />met, plus any prior year encumbrances (if any), plus compensated absences. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />and upon vote being taken thereon, the following voted in favor: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />whereupon said resolution was declared duly passed and adopted by the Ramsey City Council <br />this the 13th day of April, 2010. <br />Mayor <br />ATTEST: <br />City Clerk <br />Resolution #10-04-XXX <br />