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ATTEST: <br />City Clerk <br />compensated absences. <br />b) Any excess after complying with fund balance requirements in steps a) and b) shall be <br />allocated to revolving, trust and replacement funds in the following manner <br />Ten Percent (10 %) to Fund #234 - Equipment Replacement Fund <br />Ten Percent (10 %) to Fund #810 — Park Fund <br />Forty percent (40 %) to Fund #412 — Public Facilities Construction Fund <br />Forty percent (40 %) to Fund #400 - Public Improvement Revolving Fund <br />When actual expenditures exceed actual revenues in a given year, the deficit shall be <br />treated as follows: <br />a) "Assigned" fund balance shall first be adjusted to an amount equal to fifty percent <br />(50 %) of the next years adopted operating budget plus prior year encumbrances (if <br />any) plus compensated absences. <br />b) If shortage after complying with fund balance requirement in step a) and b) shall draw <br />funds in the following manner: <br />Ten percent (10 %) to Fund #234 - Equipment Replacement Fund <br />Ten Percent (10 %) to Fund #810 — Park Fund <br />Forty percent (40 %) to Fund #412 — Public Facility Construction Fund <br />Forty percent (40 %) to Fund #400 - Public Improvement Revolving Fund <br />2) The Ramsey City Council hereby establishes this policy effective with the year ended <br />December 31, 2011. <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 25th day of October, 2011. <br />Mayor <br />Resolution #11 -10 -XXXX <br />Page 2 of 2 <br />