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Resolution - #16-05-089 - 05/10/2016
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Resolution - #16-05-089 - 05/10/2016
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4/11/2025 1:40:11 PM
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6/10/2016 10:33:23 AM
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Resolutions & Ordinances
Resolutions or Ordinances
Resolutions
Resolution or Ordinance Number
#16-05-089
Document Date
05/10/2016
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<br />a) Any excess shall be first allocated to "Assigned" fund balance to bring that portion <br />of fund balance to an amount equal to fifty percent (50%) of the next years adopted <br />operating budget plus prior-year encumbrances (if any) plus compensated absences. <br /> <br />b) Any excess after complying with fund balance requirements in steps a) and b) shall be <br />allocated to revolving, trust and replacement funds in the following manner: <br /> <br /> Thirty Percent (30%) to Fund #234 - Equipment Replacement Fund <br /> Thirty Percent (30%) to Fund #810 – Capital Maintenance Fund <br /> Ten percent (10%) to Fund #412 – Public Facilities Construction Fund <br /> Thirty percent (30%) to Fund #400 - Public Improvement Revolving Fund <br /> <br /> When actual expenditures exceed actual revenues in a given year, the deficit shall be treated <br />as follows: <br /> <br /> <br />a)"Assigned" fund balance shall first be adjusted to an amount equal to fifty percent <br />(50%) of the next years adopted operating budget plus prior year encumbrances (if <br />any) plus compensated absences. <br /> <br /> <br />b)If shortage after complying with fund balance requirement in step a) and b) shall draw <br />funds in the following manner: <br /> <br /> Thirty Percent (30%) to Fund #234 - Equipment Replacement Fund <br /> Thirty Percent (30%) to Fund #810 – Capital Maintenance Fund <br /> Ten percent (10%) to Fund #412 – Public Facilities Construction Fund <br /> Thirty percent (30%) to Fund #400 - Public Improvement Revolving Fund <br /> <br />2) The Ramsey City Council hereby establishes this policy effective with the year ended <br />December 31, 2016. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Williams and upon vote being taken thereon, the following voted in favor thereof: <br /> <br /> Mayor Strommen <br /> Councilmember Johns <br /> Councilmember Williams <br /> Councilmember Kuzma <br /> Councilmember Riley <br /> Councilmember Shryock <br /> <br />and the following voted against the same: <br /> <br /> None <br /> <br />and the following abstained: <br /> <br /> None <br /> <br />Resolution #16-05-089 <br />Page 2 of 3 <br /> <br /> <br />
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