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(,ITY OF RAMSEY, MINNESOTA ANNUAL BUDGET <br />BUDGE-r COMMENTS <br />REVENUE SHARING <br />Function of Fund <br />The function of the Revenue Sharing Fund is to account <br />for all money received from the Federal Government and all interest <br />the money received may earn. It should be noted that the use of <br />revenue sharing funds is very flexible, but there @re regulations <br />governing the procedure to establish the use of revenue sharing funds <br />which have to be followed. <br />Council does have to maintai-n a fund for revenue sharing <br />money and earned interest. Council does have to establish a budget <br />-f6r its use and they have to conduct a public hearing and get citizen <br />input how they would like to use these -funds, After the conducting <br />of-the public hearing Council *ill set the'Re-venue Sharing Budget <br />y <br />by resolution which will specifically state what-ar-eas oT the City <br />Budget it will be used. If during the year Council makes a major <br />change in the Revenue Sharing Budget in the amount of 25%/Sl,000.00 <br />whichever is greater they have to conduct another public hearing. <br />Such cost as costs public hearings and audits can be charged directly <br />to revenue sharing. <br />-76-