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(:{)uncilmember Zimmerman introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #04-10-320 <br /> <br />t/ESOLUTION ESTABLISHING A FINANCIAL POLICY FOR PURPOSE OF <br />A I,lJOCATION OF EXCESS/DEFICIENT GENERAL FUND REVENUES <br /> <br /> WHEREAS, this is an amendment to the policy adopted February 22, 1994 under <br />c:solution #94-02-045; and <br /> <br /> WHEREAS, the City of Ramsey utilizes zero balance budgeting for the General Fund <br />where budgeted revenues are equal to budgeted expenditures; and <br /> <br /> WHEREAS, actual revenues can be over or under actual expenditures at the end of the <br />fiscal year; and <br /> <br /> WlfEREAS, the City of Ramsey currently has a fund balance policy in place for the <br />umtcsigmtted-reserved portion of the General Fund fund balance; and <br /> <br /> WHEREAS, there exists a need for additional funding sources for certain revolving, trust <br />amd ~'cplacemcnt funds. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMS EY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />That the Finance Officer is hereby directed to implement the following Financial Policy <br />£or the Purpose of Allocation of Excess/Deficient General Fund Revenues: <br /> <br />When actual revenues exceed actual expenditures in a given year, the excess shall be <br />allocated as follows: <br /> <br />Any excess shall be first allocated to "unreserved-designated" fund balance to <br />bring that portion of fund balance to an amount equal to fifty percent (50%) of the <br />next years adopted operating budget per policy adopted in Resolution #93-04-061. <br /> <br />Any excess after complying with step one shall be allocated to "unreserved~ <br />undesignated" fund balm~ce to bring that portion of fund balance to an amount <br />equal to ten percent (l 0%) of the next years adopted operating budget. <br /> <br />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 maimer: <br /> <br />Ten percent (10%) to Fund #810 - Park Trust Fund <br />Ten percent (10%) to Fund #234 - Equipment Replacement Fund <br />Forty percent (40%) to Fund #4 [2 - Public Facilities Construction Fund <br />Fi fly percent (40%) to Fund #400 - Public Improvement Revolving Fund <br /> <br />When actual expenditures exceed actual revenues in a given year, the'deficit shall be <br />t~'catcd as Follows: <br /> <br />Resolution #04-10-320 <br />Page 2 of 2 <br /> <br /> <br />