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CC Work Session 2. 1. <br />Meeting Date: 03/22/2016 <br />Information <br />Title: <br />Amend City Funds Policy and Review of Respective Fund Balances <br />Purpose/Background: <br />Purpose: Update the City's Ordinance entitled "City Funds" that outlines the respective sources and uses for each <br />fund currently utilized in the city and review of current fund balances within these funds. <br />Chapter 7 (Section 7.9) Entitled 'Funds' of the City Charter Charter states that there should be maintained in the city <br />treasury a general fund and such other funds as may be required by state statutes, resolution or ordinance The <br />council shall, by resolution or ordinance, create and abolish funds and shall define which funds are eligible for <br />inter -fund loans as it may deem necessary and appropriate. <br />The last time the city's Funds Ordinance was amended was in 2004. Since that time, there have been some funds <br />that are no longer utilized, some added, and some that just require an update in their authorized sources and uses. <br />The Lawful Gambling Fund is an example of a fund that needed an update in its authorized sources and uses. <br />The fund policy was brought to the City Council worksession of May 12, 2015. The minutes from this meeting are <br />attached. The suggestions from the minutes (where possible) were incorporated in the amended Fund Policy <br />attached. The minutes state that the Park Maintenance Fund still needs to address a fund level cap (if any) and the <br />long-term use of this fund along with possible restrictions on the Landfill Fund. The 1989 Resolution that <br />established policy regarding the use of the Landfill Fund is attached. This 1989 policy states (hi-lited) that there are <br />no existing contractual or legal obligations which would restrict the City of Ramsey's use of Landfill proceeds <br />received when the landfill was closed (Closing Statement documents are attached). <br />In regards to the Fund Balances/Cash Balances, the most significant fund balances are included as part of the city's <br />annual Five Year Capital Improvement Plan (CIP) and are updated annually based on actual revenues and <br />expenditures and CIP. <br />Timeframe: <br />30 minutes <br />Funding Source: <br />Responsible Party(ies): <br />Finance Director <br />Outcome: <br />Establish amended City Funds Ordinance for future City Council adoption and review fund balances. <br />Attachments <br />Draft of City Funds Ordinance <br />5-12-15 minutes <br />1989 Landfill Policy <br />