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FINANCE COMMITTEE <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br /> <br />Thc Rmnscy Finance Committee conducted a regular meeting on Tuesday, May 10, 2005, at the <br />Camsey Fire Station Number I, 15050 Armstrong Boulevard NW, Ramsey, Minnesota. <br /> <br />Members Present: <br /> <br />Chairperson Sarah Strommen <br />Councilmember David Elvig <br />Councilmember Mary Jo Olson <br /> <br />Also Present: <br /> <br />Finance Officer Diana Lund <br />City Administrator James Norman <br />Director of Public Works/Fire Chief Dean Kapler <br /> <br />CALL TO ()RI)ER <br /> <br />Chairperson Strommen called the regular meeting of the Finance Committee to order at 5:35 p.m. <br /> <br />CITIZEN INPUT <br /> <br />was nolle, <br /> <br />APPROVAL OF AGENDA <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Olson, to approve the agenda as <br />submitted. <br /> <br />Motion carried. Voting Yes: Chairperson Strommen, Councilmembers Elvig and Olson. Voting <br />No: None. <br /> <br />COMMITTEE BUSINESS <br /> <br />(iasc #1: Authorize Transfer of General Fund Revenues <br /> <br />]:inancc Office Lund reviewed that the City Council adopted a policy on February 22, 1994, <br />amended October 26, 2004, known as the Excess Revenue Policy. After meeting the fund <br />balance rcquircnlents at year end, $492,821.61 remained as excess revenues to be transferred <br />l'mm thc General Fund. She explained in 2004, a $1,000,000 transfer was needed to help finance <br />thc Municipal Center project before bond issuance. Of this amount, $400,000 is still required to <br />bc trans,'erred, which is basically the amount attributed to the Public Works campus <br />improvements. After the $400,000 is deducted, a net amount of $92,821.61 needs to be <br />transferred per policy as follows: <br /> <br />Finance Committee/May 10, 2005 <br /> Page 1 of 4 <br /> <br /> <br />