Agenda - Council - 03/14/2023 - Laserfiche WebLink

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Y #' Councilmember Johns introduced the following resolution and moved for its adoption: RESOLUTION TIO1; H16-05 `08 RESOLUTION ESTABLISHING A FINANCIAL POLICY FOR. PURPOSE OF ALLOCATION OF EXCE S S/DEFI CIENT G NERAL FUND REVENUE S WHER-EAS, this is an amendment to the policy adopted February 22, 1994 under Resolution #94-02-045, and WHEREAS, this policy ,was further amended by Resolution #04-10-320adopted October 263 2004; and wHER.RAS, this policy was further amended by Resolution #10-04-082 adopted. April 1.3, 2010; and WHEREAS, this policy was further amended by Resolution #11-11 -217 adopted November 7, 2011; and WHEREAS, actual revenues can be over or wader actual, expenditures at the end of the fiscal year; and WHEREAS, the State Auditor recommends a fund balance of 35--50% of next year's operating expenditures; and WHEREAS, the city's policy will have the fund balance at 50% of next year's 'operatmg expenditures, plus prior -year encumbrances (if any) plus compensated absences, and � � 3 1 WHEREAS, the city's special revenue Binds will not be figured into the calculation of the overall fund balance total as these have s fun h special i n d adesignated ated purposes, WHEREAS, there exists a need for additional funding sources for certain revolving, trust and replacement funds. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, .ANOKA COUNTY, STATE OF MI NESOTA, as follows; 1 That the Finance Director is hereby directed. to implement the following Financial Policy } � p g y � for the Purpose of Allocation of Execs s/D of cicht General Fund Revenues: When both restricted and unrestricted resources are available for use, it is the City policy to first use restricted resources, and then use unrestricted resources as they are needed, When committed, assigned, or unassigned resources are available for use, it is the City's policy to use resources in the following order; 1 } committed, 2} assigned, and 3 unassigned. When actual revenues exceed actual expenditures in a given year, the excess shall be z allocated as follows: