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NOTE 8 — FUND BALANCE POLICY AND CLASSIFICATION
<br />A. Classifications
<br />City of Ramsey had the following classifications of fund balances in its Governmental Funds:
<br />Fund balances
<br />Nonspendable
<br />Prepaids
<br />Special Revenue Funds Capital Project Funds
<br />RALF Pavement
<br />Tax Funded State -Aid Management Park
<br />General Increment CORLand Projects Cons tmction Program Improvement Nonmajor Total
<br />$ 26,466 $
<br />- $ — $ — $ — $ — $ — $ 2.993 $ 29,459
<br />Restricted for
<br />Street improvements — — — — 434,487 — — — 434,487
<br />Debt service — — — — — — — 622,753 622,753
<br />Economic development — — — — — — — 1.760,541 1,760,541
<br />Housing and redevelopment — — 4,751,926 — — — — — 4,751,926
<br />Recreation/communityprograms — — — — — — — 166,166 166,166
<br />Public safety — — — — — — — 483,390 483,390
<br />Tax increment financing — 2,780,887 — — — — — — 2,780,887
<br />2,780,887 4,751,926 — 434,487 — — 3,032,850 11,000,150
<br />Committed
<br />Stonnwater development projects — — — — — — — 1,544,495 1,544,495
<br />Community/business programs — — — — — — — 346,901 346,901
<br />1,891,396 1,891,396
<br />Assigned
<br />Street improvements — — — — — 8,813,381 — 4,767,891 13,581,272
<br />Housing and redevelopment — — 2.213265 — — — — — 2,213,265
<br />Capital improvements — — — — — — — 2,818,463 2,818,463
<br />Ccmetary improvements — — — — — — — 98,770 98,770
<br />Park improvements — — — — — — 11,066,067 — 11,066,067
<br />Right-of-way acquisitions — — — 273,915 — — — — 273,915
<br />Parking ramp maintenance — — — — — — — 276,164 276,164
<br />2,213,265 273,915 — 8,813,381 11,066,067 7,961,288 30,327,916
<br />Unassigned 14,436,283 — — — — — — — 14,436,283
<br />Total $ 14,462,749 $ 2,780,887 $ 6,965,191 $ 273,915 $ 434,487 $ 8,813,381 $ 11,066,067 $ 12,888,527 $ 57,685,204
<br />B. Fund Balance Policy — General Fund
<br />When General Fund actual revenues exceed actual expenditures in a given year, the excess shall be allocated
<br />as follows:
<br />a) Any excess shall be first allocated to "unassigned" fund balance to bring that portion of fund
<br />balance to an amount equal to fifty percent (50%) of the next years adopted operating budget
<br />plus prior -year encumbrances (if any).
<br />b) Any excess after complying with fund balance requirements in step "a" shall be allocated to
<br />equipment replacement, park trust, public facilities construction, and public improvement
<br />revolving funds in the following manner:
<br />Thirty percent (30%) to Fund #234 - Equipment Revolving Fund
<br />Thirty percent (30%) to Fund #81 0 — Capital Maintenance Fund (reported in General Fund)
<br />Ten percent (10%) to Fund #412 — Public Facilities Construction Fund
<br />Thirty percent (30%) to Fund #400 - Public Improvement Revolving Fund
<br />80
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