Agenda - Council - 03/28/2017 - Laserfiche WebLink

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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: Thirty Percent (30%)to Fund#234 -Equipment Replacement Fund Thirty Percent (30%)to Fund#810—Capital Maintenance Fund Ten percent(10%)to Fund#412—Public Facilities Construction Fund Thirty percent(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. f A b) If shortage after complying with fund balance requirement in step a) and b) shall draw funds in the following manner: [[' Thirty Percent (30%)to Fund#234 -Equipment Replacement Fund Thirty Percent (30%)to Fund#810—Capital Maintenance Fund Ten percent(10%)to Fund#412—Public Facilities Construction Fund Thirty percent(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 Williams and upon vote being taken thereon, the following voted in favor thereof: Mayor Strommen Councilmember Johns Councilmember Williams Councilmember Kuzma Councilmember Riley Councilmember Shryock and the following voted against the same: None and the following abstained: None Resolution#16-05-089 Page 2 of 3