Agenda - Council Work Session - 04/26/2016

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a) Any excess shall be first allocated to "Assigned" fund balance to bring that portion of fund balance to an amount equal to fifty percent (50%) of the next years adopted operating budget plus prior -year encumbrances (if any) plus compensated absences. b) Any excess after complying with fund balance requirements in steps a) and b) shall be allocated to revolving, trust and replacement funds in the following manner: Tcn Thirty Percent (44°4) (30%) to Fund #234 - Equipment Replacement Fund Ten -Thirty Percent (' (30%) to Fund #810 — Capital ANTE Maintenance Fund Petty Ten percent ) 10% to Fund #412 — Public Facilities Construction Fund Petty Thirty percent (4.8%) 30% to Fund #400 - Public Improvement Revolving Fund When actual expenditures exceed actual revenues in a given year, the deficit shall be treated as follows: a) "Assigned" fund balance shall first be adjusted to an amount equal to fifty percent (50%) of the next years adopted operating budget plus prior year encumbrances (if any) plus compensated absences. b) If shortage after complying with fund balance requirement in step a) and b) shall draw funds in the following manner: Ten Thirty Percent (48%) (30%) to Fund #234 - Equipment Replacement Fund Tcn Thirty Percent (44°4)(30%) to Fund #810 — Capital Maintenance Fund Petty Ten percent (10%) 10% to Fund #412 — Public Facilities Construction Fund Petty Thirty percent (40%) 30% to Fund #400 - Public Improvement Revolving Fund 2) The Ramsey City Council hereby establishes this policy effective with the year ended December 31, 2016. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: and the following abstained: and the following were absent: whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this the day of May 2016. Resolution #16-05-XXX Page 2 of 3