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FINANCE COMMITTEE CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA The Ramsey Finance Committee conducted a regular meeting on Tuesday, October 26, 2004, at the Ramsey Fi re Station Number I, 15050 Armsti'ong Boulevard NW, Ramsey, Mim~esota. Members Present: Councilmember Sarah Strommen Councilmember Gerald Zimmerman Mayor Thomas Gamec Members Absent: Chairperson David Elvig Also Present: City Administrator James E. Norman Assistant City Administrator Heidi Nelson Finance Officer Diana Lurid Director of Public Works/Fire Chief Dean Kapler Parks/Utilities Supervisor Mark Riverblood CAIA, 'FO ORDER Acting Chairperson Strommen called the regular meeting of the Finance Committee to order at 6:10 p.m. CITIZEN INPUT There was none. COMMITTEE BUSINESS Case #1: Amendment to Financial Policy for Purpose of Allocation of Excess/Deficit General Fund Revenues Finance O£ficc Lund reviewed that during the April 27, 2004 City Council meeting, the Council made the motion to distribute the excess revenues in the following manner to reflect cra-rent funding needs of the City: Equipment Replacement Fund - $65,098.59 (Transfer to Future Park Fund) Public Facilities Construction Fund - $485,887.35 (City Hall) Public hnprovement Revolving Fund - $100,000 (Park & Ride) Finance Officer Lund stated the Park Trust Fund was adopted on September 13, 2004. The transfer of the $65,098.59 from the Equipment Replacement Fund to the Park Trust Fund is included in the Consent Agenda of tonight's meeting. When the Park Trust Fund was created, it listed a revenue source as that of an amount equal to 10 percent of the excess revenues Finance Committee/October 26, 2004 Page 1 of 5