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Councilmember introduced the following resolution and moved for its adoption: RESOLUTION g93-04- RESOLUTION ESTABLISHING A FINANCIAL POLICY FOR THE PURPOSE OF DESIGNATING THE WORKING CAPITAL PORTION OF THE GENERAL FUND BALANCE WHEREAS, the City of Rarnsey designates a portion of the General Fund fund balance at each year end to support operations in the upcoming year until such time as curent tax and state transfer revenues are received; and WHEREAS, the City receives payment for these revenues on a semi-annual basis with the first payment received by the City in July of each year; and WHEREAS, this payment cycle necessitates the City identify sufficent cash flow resources for the next six months budgeted expenditures at each year end. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) 2) That the Rarnsey City Council hereby directs the Finance Officer to designate year end working capital for the General Fund in an amount equal to fifty percent (50%) of the General Fund budgeted expenditures for the upcoming year. That the Ramsey City Council hereby establishes this policy effective with the year ended December 31, I992. The motion for the adoption of the foregoing resolution was duty seconded by Councilmember upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: and the following abstained: and and the following were absent: whereupon sa.id resolution was declared duly passed and adopted by the Ramsey City Council this the 27th day of April, 1993. ATTEST: Mayor City Administrator