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MINUTES <br />CITY COUNCIL <br />MAY 22, 2019 <br />The foregoing resolution was duly seconded by Keis. <br />Ayes �4). - - - - <br />Nays (0). Resolution declared adopted. <br />GENERAL FUND The Finance Director explained that the preliminary fund balance for 2018 <br />BALANCE UPDATE was provided, and noted that auditor is working to get final numbers. She <br />FOR 2018 reported that the fund balance policy states that the City will strive to <br />maintain an unassigned minimum fund balance in the General Fund in the <br />range of 42.5% to 65% of the subsequent year's budget expenditures. She <br />noted that the unassigned fund balance is not larger than 65% of the 2019 <br />budget, so a transfer out to other funds is not recommended. <br />Fischer asked about the range of 42 to 65 percent and what does that mean. <br />The Finance Director explained that since the first property tax payment to <br />the City does not come until June, the City needs to use the cash reserves to <br />get by until that first tax payment comes in. The City Administrator stated <br />that the League of Minnesota Cities recommends a minimum of 35 to 55 <br />percent and our policy has a higher minimum. <br />ADJOURN There being no further business, the meeting was adjourned at 9:56 p.m. <br />J� T/I- is, Mayor <br />Attest: <br />Christopher Heine n, City Administrator <br />10 <br />