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m <br />! <br /> <br />m <br /> <br />m <br /> <br />Councilmcmb~r Har <br /> <br />RESOLUTION <br />DESIGNATING <br />BALANCE <br /> <br />~n introduced the following resolutiOn and moved for its adoption: <br /> <br /> RESOLUTION #93-04-061 <br /> <br />~STABLISHING A FINANCIAL POLICY FOR THE PURPOSE OF <br />THE WORKING CAPITAL PORTION OF THE GENERAL FUND <br /> <br /> r <br /> <br /> WHEREAS, the City of Ramsey designates a l~nion of the General Fund fund balance at each year <br />end to suppor~ opc~,,fions in the upcoming year until such time as curcnt tax and state transfer revenues am <br />rcceivcch' and <br /> WHEREA~, the City receives payment for ~es¢ revenues on a semi-annual basis with the first <br />payment received b~the City in July of each year;, and <br /> WHEREA~ this payment cycle necessita~s th,~ City identify sufficent cash flow resources for the <br />next six months bu~eted expenditures at each year end. i <br />NOW THEREFi~E, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANO~ COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the Ra~sey City Council hereby directs the Finance officer to designate year end working capital <br /> for the Gen4ral Fund in an amount equal to f~ty percent (50%) of the General Fund budgeted <br /> <br />2) That the Ra~sey City Council hereby establishes~ this poIicy effective with the year ended December <br /> 31, 1992. ~ <br />The motion for the ~opfion of the foregoing resolution Was duly seconded by Councilmember Peterson and <br />upon vote being takeh thereon, the following voted in fav(e thereof: <br /> <br /> Mayor Gilbe~son <br /> Couneilmember Hardin <br /> Councilmeml~er Peterson <br /> Councilmem~r 7]mmerman <br /> <br />and the following vo .-ir'd against the same: <br /> <br />None <br /> <br />and the following al~.tained: <br /> <br />None <br /> <br /> and the following were absent: <br /> <br /> Coun~!memlJer Beycr <br /> <br /> whereupon said resolution was declared duly passed and; adopted by the Ram_?~ssey ~.,...~ouncil this the 27th <br /> <br /> ,flVlay(,r <br /> <br /> ATTE~ ~ <br />· '~A/~tori <br /> <br /> <br />