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f r • r <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 /> . 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 /> Thirty Percent(30%)to Fund#234 -Equipment Replacement Fund <br /> Thirty Percent(30%)to Fund#S 10---Capital Maintenance Fund <br /> Ten percent(10%)to Fund 4412---Public Facilities C1on'struction Fund <br /> Thirty percent(30%)to Fund#400 --Public Improvement Revolving Fund <br /> )Lrhen-actual expenditures exceed actual revenues in a given year,the deftcit shall be treated <br /> as follows: <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 /> b) If shortage after complying with fund balance requirement in step a) and b) shall drag <br /> funds in the following manner; <br /> Thirty Percent(30%)to Fund 4234 --Equipment Replacement Fund <br /> Thirty Percent(30%)to Fund A 14—Capital Maintenance Fund <br /> Ten percent(10%)to Fund#412--Public Facilities Constr7xction Fund <br /> Thirty percent(30%)to Fund#4 0 0 -Public Improvement Revolving Fund <br /> 2)' The Ramsey City Council hereby establishes this policy effective with the year ended <br /> December 31, 2016. } <br /> The motion for the adoption of the foregoing resolution was duly seconded by C;ouncilmenmber <br /> wi lliams and upon vote being taken thereon,the following voted in favor thereof: <br /> Mayor Stromm' en <br /> C ounc it rnemb er Johns <br /> Councilnnember Williams <br /> Council ember Kuzma <br /> Councilmember Riley <br /> Counci lmemb er S hryock <br /> and the following voted against the same: <br /> None <br /> and the following abstained: <br /> None � <br /> Resolution#16-05-089 <br /> Page 2 of 3 <br /> 3' <br /> i' <br /> F <br />