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FINANCE COMMITTEE CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA The Finance Committee conducted a regular meeting on Tuesday, April 22, 2008, at the Ramsey Municipal Center, 7550 Sunwood Drive NW, Ramsey, Minnesota. Members Present: Chairperson Sarah Strommen Councilmember David Elvig Councilmember Matt Look Also Present: City Administrator Kurt Ulrich Finance Officer Diana Lund CALL TO ORDER Chairperson Strommen called the regular meeting of the Finance Committee to order at 5:33 p.m. CITIZEN INPUT There was none. APPROVE AGENDA Motion by Councilmember Elvig, seconded by Councilmember Look, to approve the agenda as submitted. Motion carried. Voting Yes: Chairperson Strommen, Councilmembers Elvig and Look. Voting No: None. COMMITTEE BUSINESS Case #1: Adopt Resolution #08-04-XXX Approving the Transfer of Excess General Fund Revenues to the Equipment Revolving Fund, Facilities Construction Fund, the Improvement Revolving Fund and the Park Trust Fund Finance Officer Lund stated that there has been a policy in place since 1994 to transfer excess revenue from the General Fund to be used for equipment, facilities construction and for the park trust fund. She stated that it has been a few years since the City has made this transfer. She stated that staff recommends that $94,488.55 be transferred from the General Fund to the Equipment Revolving Fund in the amount of $9,348.86, the Facilities Construction Fund in the amount of $37,395.42, the Public Improvement Revolving Fund in the amount of$37,395.41 and the Park Trust Fund in the amount of $9,348.86 and that $60,000 be retained in the General Fund for either consulting services or contingency funds. .. Finance Committee I April 22, 2008 Page 1 of 4