Resolution - #10-04-083 - 04/13/2010

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Councilmember Look introduced the following resolution and moved for its adoption: RESOLUTION #10 -04 -083 RESOLUTION ESTABLISHING THE TRANSFER FROM THE GENERAL FUND TO THE PUBLIC IMPROVEMENT REVOLVING FUND (PIR) THE AMOUNT ATTRIBUTED TO THE 10% UNRESERVED/UNDESIGNATED FUND BALANCE, BUT WHICH ALSO LEAVES THE GENERAL FUND AT 50% FUND BALANCE OF THE NEXT YEARS ADOPTED OPERATING BUDGET PLUS PRIOR YEAR ENCUMBRANCES AND COMPENSATED ABSENCES WHEREAS, the State Auditor recommends a fund balance of 35 -50% of next year's operating expenditures; and WHEREAS, the city's policy was currently at 60 %; and WHEREAS, to bring into State Auditor compliance, the City will transfer up to 10% of fund balance (after 50% fund balance is met plus any prior -year encumbrances (if any) that have been carried forward and compensated absences) to the Public Improvement Revolving Fund (PIR). NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the Finance Officer is hereby directed to transfer up to 10% of the Unreserved/Undesignated Fund balance currently within the General Fund to the Public Improvement Revolving Fund (PIR). The 10% will be calculated after the 50% General Fund Budget requirement has been met, plus any prior year encumbrances (if any), plus compensated absences. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Wise, and upon vote being taken thereon, the following voted in favor thereof: Mayor Ramsey Councilmember Look Councilmember Wise Councilmember Dehen Councilmember Elvig Councilmember Jeffrey Councilmember McGlone