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15 <br />Policy <br />General Fund –The General Fund is used to account for and report all financial resources that <br />are not required to be reflected in another fund. <br /> <br />Unassigned fund balance for the General Fund shall be between 42.5% and 65% of the <br />subsequent year’s budget. Since a significant source of revenue in the General Fund comes <br />from property taxes, maintaining an adequate unassigned fund balance ensures that sufficient <br />resources are available to fund basic City functions between the property tax settlements that <br />are received in July and December. <br /> <br />If the unassigned fund balance rises above or below the desired range at year-end, the City <br />Administrator and/or Finance Director shall report such amounts to the City Council as soon as <br />practicable after the end of the fiscal year. Should the actual amount of unassigned fund <br />balance fall below the desired range, the City shall create a plan to restore the appropriate <br />levels. Should the actual amounts of unassigned fund balance rise above the desired range; <br />excess funds will be transferred to the General Capital Improvement Fund (Fund 400). <br /> <br />The City Council has designated the authority to assign fund balance for specified purposes to <br />the City Administrator and/or Finance Director. <br /> <br />Special Revenue Funds – Special Revenue Funds are used to account for and report proceeds <br />of specific revenue sources that are restricted or committed to expenditures for specific <br />purposes other than debt service or capital projects. After nonspendable and restricted fund <br />balance assignments, fund balance in the special revenue funds will be committed as follows: <br />Fund Specific Revenue Source Committed For <br />Economic Development Charges for Services Economic Development <br />Parks & Recreation Charges for Services Parks & Recreation <br />Cable TV Franchise Fees Cable TV <br />Recycling/Trash Charges for Services Recycling/Trash <br /> <br />Debt Service Funds – Debt Service Funds are used to account for and report financial <br />resources that are restricted, committed, or assigned to expenditures for principal and interest <br />debt payments. This policy does not create any specific reservation of fund balance within any <br />Debt Service Fund as it is established as part of the ordinance or resolution which authorizes <br />the issuance of the bonds. <br /> <br />Capital Projects Funds – The Capital Projects Funds are used to account for and report <br />financial resources that are restricted, committed, or assigned to expenditures for capital <br />outlays, including the acquisition or construction of capital facilities and other capital assets. <br />These projects may extend beyond a fiscal year. No specific reserve requirement is established <br />for the Capital Projects Funds. However, adequate fund balances will be determined as part of <br />the 5-year Capital Improvement Plan approved each year. <br /> <br /> <br />