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Councilmember~HaXdin introduced the following resolution and moved for its adoption: <br /> <br /> RESOLUTION 093-04-061 <br />~so~o~ ~s~,~s~ ~ ~cxn,~ ~o,~¢~ ~o~ ~ ~os~ o~ <br />DESIGNATI~I~G i THE WORKING CAPITAL PORTION OF THE GENERAL FUND <br />BALANCE ~ <br /> <br /> WHE~R~AS' the City of Ramsey designates a portion of the C-eneral Fund fund balance at each year <br />end to suppor~perations in the upcoming year until such time as curent tax and state transfer revenues are <br />received; and <br /> <br /> WHEREAS, the City receives payment for these revenues on a semi-annual basis with the first <br />payment rcceiv~ by the City in July of each year, and <br /> WHEIt. ~AS., this payment cycle necessitates the City identify sufficent cash flow resources for the <br />next six mon~ budgeted expenditures at each year end. <br />NOW THERI~FORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> f <br /> <br />RAMSEY, ANOI~A COUNTY, STATE OF MINNESOTA, as follows: <br />l) That the ~Ramsey City Council hereby directs the Finance Officer to designate year end working capital <br /> for the~ ~en~ral Fund in an amount equal to fifty percent (50%) of the General Fund budgeted <br /> expen&t~re~for~' the upcoming year. <br /> <br />2) That thcRamsey City Council hereby establishes this policy effective with the year ended December <br /> 31, 1992. <br /> <br />The motion for I~e ac!option of the foregoing resolution was duly seconded by Councilmember Peterson and <br />~o. ~o~ ~ ~ e~o., ~ ~o.o~.~ ~o~ ~ ~or.~o~: <br /> Mayor 0il- be!~son <br /> Cound,~lm~ emir Hardin <br /> Councilmem~r Peterson <br /> Councilniember Zimmennan <br /> <br />and the following voted against the same: <br /> <br /> None <br /> <br />and the following abstained: <br /> <br /> None <br /> <br />and the following were absent: <br /> <br /> Counc.'~lmem~r Beyer <br /> <br />day of April, i903. . ~.~--~ <br /> ~-Mayor - <br />ATTEST:/~ <br /> <br /> <br />