Agenda - Council - 04/11/2000 - Laserfiche WebLink

Home

Ooun~zn~ Pmz~on fntr~oecl th~ following re~olutfon ~.d moved for i~ adop~on: RESOLUTION RESOLUTION ESTABLISHING A FINANCIAL POLICY FOR PURPOSE OF ALLOCATION OF EXCESS/DEFICIENT GENERAL FUND REVENUES WHE~, the City of Rams¢¥ utiliz~s ~ balance_ budgeting for the General Fund whm'~ budgetm:l r~vcnu~ m'~ equal to budgeted expenc!i.'tur~; and' ~;~ItEREAS, ~cra~l ~venues c~m be ov~ or under acmd cxp:nditur~ ~t the end of the fisc~ year, and .... WHEREAS, thc City of Ramsey cm-remtly ha~ a fuad b~lmc¢ ~olicy in pla~c for the undcdUmt~-re~en, e.d tx~on of the C, eneml Fund fund b~lmce; Nd ~VItE~, there exim a need for ~dkionaI funding sourm for certain r~volving and rephmemcnt funds, NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as foI!ows: 1) That the Fma.tme O~ar i~ hm'~by.~ to impIemm~! the following Financial Poliay for thc Parpo~ of Allocmon of Bxe~i~,fimcnt General Fund P..cv~u~: When actual revenues e×cccd ~cmd expenditures in a given year, thc excess sh~ll be allocated ~s follows: Any ~x ..c?ss shall be first allocatM to "unrcscrved-desi~nm~l" fund balanc~ to bring tha~ poruon of fund balance to ~m _~mount equal to. fifty p.m~..cnt (50%) of the next ymars adopt~ opm'ating budget pc/' policy adopmd m Resolunon b) 'Any c. xcess after complying with step one shall be dlocatcd to "unmscrved- unde~._t:d" fund balsnc~ to bring thai portion of fund b~2ance to an ~mount equal to ten p~rcent (10%) of th: n~--t y~rs adopted Ol:~rating budget. · ' c) Any excess a_rm. complying with fund balan~ .r.r.r.r~uir~mcnts.in steps a) and b) shall lx~ allocated to revolving and r~plac.~n~nt funds m thc follow'mg manner: " T~ ~ (10%)'to ~ma_ #gl0 -F. quipm~nt ..P.P.~..lac?~ut Fnmd · .' F_ _c~y pm'cent (40~) to Fund ~412 - capital Building Fund d · ~fty p~rcen~ (50%) to Fund ~400, Pm-manent Improwment Revolving Fun When amual ~xpcnditur~ excam:I ~cmal rcwnues in a givm year, the d~ick shall bc urmtM as follows: b) "Unreserved-dedgnated" fund balance shall first l:~-adjustcd to an _..m. ount equal to fED' p~rccnt (50%) of thc next years adopted operating budgcI per policy ~loptccl ~. Rcs.olution ~3-04-051 by utilizing .mounts in thc "unrcscrvcd-undesignatca pomon of fund balancei sh U to an to ? percent (10%) of the next years adopted opcra~g budget by tran.ff, cr~, g in mo~cS equal to the deficit from r~voIving and r~plazement funds in the foLlov~ng manner;, ,Ten pement (I 0%) from Fund #810 - Equipment Replacement Fund Forty percent (40%) from Fund ~412 - Capital Building Fund Fifty percent (50%) from Fund g400 - Permanent Improvement Revolving Fund I I I I I i I I