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r <br /> Councilmember Johns introduced the following resolution and moved for its adoption: <br /> RESOLUTION#16-05-089 <br /> RESOLUTION ESTABLISHING A FINANCIAL POLICY FOR PURPOSE OF <br /> ALLOCATION OF EXCESS/DEFICIENT GENERAL FUND REVENUES <br /> WHEREAS, this is an amendment to the policy adopted February 22, 1994 under <br /> Resolution#94-02-045; and <br /> WHEREAS,this policy was further amended by Resolution#04-10-320 adopted October <br /> 26, 2004; and <br /> WHEREAS,this policy was further amended by Resolution#10-04-082 adopted April 13, <br /> 2010; and <br /> WHEREAS, this policy was further amended by Resolution #11-11-217 adopted <br /> November 7, 2011; and <br /> WHEREAS, actual revenues can be over or under actual expenditures at the end of the <br /> fiscal year; and <br /> WHEREAS, the State Auditor recommends a fund balance of 35-50% of next year's <br /> operating expenditures; and <br /> WHEREAS,the city's policy will have the fund balance at 50% of next year's operating <br /> expenditures, plus prior-year encumbrances (if any)plus compensated absences; and <br /> WHEREAS,the city's special revenue funds will not be figured into the calculation of the <br /> overall fund balance total as these funds have special designated purposes; <br /> WHEREAS,there exists a need for additional funding sources for certain revolving, trust <br /> and replacement funds. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> RAMSEY,ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> 1) That the Finance Director is hereby directed to implement the following Financial Policy <br /> for the Purpose of Allocation of Excess/Deficient General Fund Revenues: <br /> When both restricted and unrestricted resources are available for use, it is the City's <br /> policy to first use restricted resources, and then use unrestricted resources as they are <br /> needed. <br /> When committed, assigned, or unassigned resources are available for use, it is the City's <br /> policy to use resources in the following order; 1) committed, 2) assigned, and 3) <br /> unassigned. <br /> When actual revenues exceed actual expenditures in a given year, the excess shall be <br /> allocated as follows: <br />