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NOTE 6 — FUND BALANCE POLICY AND CLASSIFICATION (CONTINUED) <br />B. Fund Balance Policy <br />When actual revenues exceed actual expenditures in a given year, the excess shall be allocated as follows: <br />a) Any excess shall be first allocated to "unassigned" fund balance to bring that portion of fund <br />balance to an amount equal to fifty percent (50%) of the next years adopted operating budget <br />plus prior -year encumbrances (if any) plus compensated absences. <br />b) Any excess after complying with fund balance requirements in step "a" shall be allocated to <br />equipment replacement, park trust, public facilities construction, and public improvement <br />revolving funds in the following manner: <br />Ten percent (10%) to Fund #234 - Equipment Revolving Fund <br />Ten percent (10%) to Fund #810 — Park Maintenance Fund (reported in General Fund) <br />Forty percent (40%) to Fund #412 — Public Facilities Construction Fund <br />Forty percent (40%) to Fund #'100 - Public Improvement Revolving Fund <br />When actual expenditures exceed actual revenues in a given year, the deficit shall be treated as <br />follows: <br />a) "Unassigned" fund balance shall first be adjusted to an amount equal to fifty percent (50%) of <br />the next years adopted operating budget plus prior year encumbrances (if any) plus <br />compensated absences. <br />b) If shortage after complying with fund balance requirement in step "a" shall draw funds in the <br />following manner <br />Ten percent (10%) to Fund #234 - Equipment Revolving Fund <br />Ten percent (10%) to Fund #810 — Park Maintenance Fund (reported in General Fund) <br />Forty percent (40%) to Fund 11112 — Public Facilities Construction Fund <br />Forty percent (40%) to Fund #l00 - Public Improvement Revolving Fund <br />At December 31, 2013, the city fund has met its general fund balance policy. <br />80 <br />