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Counciimcmber ~ introduced thc following resolution and moved for its adoption: <br /> RESOLUTION #94-02-XXX <br /> ? <br />RESOLUTIONI ESTABLISHING A FINANCIAL POLICY FOR PURPOSE OF <br />ALLOCATION[-OF EXCESS/DEFICIENT GENERAL FUND REVENUES <br /> WHEREAS, thc City of Ramsey utilizes zero balance budgeting for the General Fund <br />where budgeted r~venues are equal to budgeted expenditures; and <br /> <br /> WHEREAS, acme revenues can be over or under acme expenditures at the end of the <br />fiscal year; and <br /> <br /> WHERE~S, the City of Ramsey currently has a fund balance policy in place for the <br />undesignated-reserved portion of the General Fund fund balance; and <br /> <br /> WHEREAS, there exists a need for additional funding sources for certain revolving and <br />replacement funds. <br /> <br />NOW THEREI3~)RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMSEY, [ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) <br /> <br />That the Finance Officer is hereby directed to implement the following Financial Policy for <br />the Purpo~qe of Allocation of Excess/Deficient General Fund Revenues: <br /> <br />When actual revenues exceed acme expenditures in a given year, the excess shall be <br />allocated as follows: <br /> <br />a) <br /> <br />b) <br /> <br />Ar!y excess shall be first allocated to "unreserved-designated" fund balance to bring <br />that portion of fund balance to an amount equal to fifty percent (50%) of the next <br />ye~s adopted operating budget per policy adopted in Resolution #93-04-061. <br /> <br />Arly excess after complying with step one shall be allocated to "unreserved- <br />undesignated" fund balance to bring that portion of fund balance to an amount equal <br />to ten percent (10%) of the next years adopted operating budget. <br /> <br />c) <br /> <br />Ar~y excess after complying with fund balance requirements in steps a) and b) shall <br />be ;allocated to revolving and replacement funds in the following manner: <br /> <br />Ten percent (10%) to Fund #810 - Equipment Replacement Fund <br />F _orry percent (40%) to Fund ~412 - Capital Building Fund <br />Fi .t~ty percent (50%) to Fund ~-400 - Permanent Improvement Revolving Fund <br /> <br />When acthlE expenditures exceed acme revenues in a given year, the deficit shall be treated <br />as follows: <br /> <br />a) <br /> <br />b) <br /> <br />"Unreserved-designated" fund balance shall first be adjusted to an mount equal m <br />fifty percent (50%) of the next years adopted operating budget per policy adopted in <br />R0solution ~t93-04-061 by utilizing amounts in the "unreserved-undesignated" <br />po~on of fund balance. <br /> <br />"U/n'eserved-undesignated" fund balance shall be brought to an amount equal to ten <br />percent (10%) of the next years adopted operating budget by rransfemng in monies <br />equal to the deficit from revolving and replacement funds in the following manner: <br /> <br />Ten percent (10%) from Fund #810 - Equipment Replacement Fund <br />F.o~/percent'(40%) from Fund ~-412 - Capital Building Fund <br />F' ~fl~y percent (50%) from Fund g400 - Penn,anent Iml:rrovement Revolving Fund <br /> <br /> <br />