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Y <br /> #' Councilmember Johns introduced the following resolution and moved for its adoption: <br /> RESOLUTION H16-05-089 <br /> RESOLUTION ESTABLISHING A FINANCIAL POLICY FOR. PURPOSE OF <br /> ALLOCATION OF EXCE S S/DEFI CIENT G NERAL FUND REVENUE S <br /> WHEREAS, this is an amendment to the policy adopted February 22, 1994 under <br /> Resolution#94-02-045, and <br /> WEE REAS,this policy,was further amended by Resolution#04-10-3 20 adopted October <br /> 263 2004; and <br /> wHER.RAS,this policy was further amended by Resolution#10-04-082 adopted.April 1.3, <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 wader 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 /> r <br /> WHEREAS,the city's policy will have the fund balance at 50%of next year's'operatmg <br /> expenditures,plus prior-year encumbrances (if any)plus compensated absences, and � <br /> � <br /> 3. <br /> 1' <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 i n. d ades g ated 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 /> } � p g y � <br /> for the Purpose of Allocation of Execs s/D of cicht 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 z <br /> allocated as follows: <br /> is <br />