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Staff Recommendation: <br /> <br />Staff recommends adoption of the following Proposed Policy on General Fund Excess/Deficient <br />Revenues as detailed below: <br /> <br />When actual revenues exceed actual expenditures in a given year, the excess shall be allocated as <br />follows: <br /> <br />1) <br /> <br />Any excess shall be f'~rst allocated to "unreserved-designated" fund balance to bring that <br />portion of fund balance to an amount equal to fifty percent (50%) of the next years adopted <br />operating budget per policy adopted in Resolution g93-04-061. <br /> <br />2) <br /> <br />Any excess after complying with step one shall be allocated to "unreserved-undesignated" <br />fund balance to bring that pomon of fund Balance to an amount equal to ten percent (10%) <br />of the next years adopted operating budget. <br /> <br />3) <br /> <br />Any excess after complying with fund balance requirements in steps one and two shall be <br />allocated to revolving and replacement fun~ in the following manner: <br /> <br />Ten percent (10%) to Fund #810 - Equipment Replacement Fund <br />Forty percent (40%) to Fund g412 - Capital Building Fund <br />Fifty percent (50%) to l=und g400 - Permanent Improvement Revolving Fund <br /> <br />When actual expenditures exceed actual revenues in a given year, the deficit shall be treated as <br />follows: <br /> <br />t) <br /> <br />2) <br /> <br />"Unreserved-designated" fund balance shall f'U'st be adjusted to an amount equal to fifty <br />percent (50%) of the next years adopted operating budget per policy adopted in Resolution <br />i~93-04-06t by utilizing amounts in the "unreserved-undesignated'~ portion of fund balance. <br /> <br />"Unreserved-undesignated" fund b~lance shall be brought to an mount equal to ten percent <br />(10%) of the next years adopted operating budget by transferring in monies equal to the <br />deficit from revolving and replacement funds in the followmg manner: <br /> <br />Ten percent (10%) from Fund #810 - Equipment Replacement Fund <br />Forty percent (40%) from Fund #412 - Capital Building Fund <br />Fifty percent (50%) from Fund g400 - Permanent Improvement Revolving Fund <br /> <br />Committee Action: <br /> <br />To recommend to Council that Resolution ~'94-02-XXX be adopted by the Ramsey City Council. <br /> <br />Reviewed By: <br /> <br />City Adminisu'ator <br />Finance Officer <br /> <br />FC: 2/22/94 <br /> <br /> <br />