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elf o zde Wanala <br />MAYOR <br />Bill Blesener <br />COUNCIL <br />Rick Montour <br />Barbara Allan <br />John Keis <br />Michael McGraw <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766-4048 Joel R. Hanson <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />Shelly Rueckert, Finance Director <br />DATE: September 20, 2007 <br />RE: Financial Policies <br />Attached is the proposed Financial Policies edited to include Council's comments from <br />the June 27, 2007 workshop meeting. We have underlined the changes for your <br />convenience. <br />We have proposed amendment to the City's Reserve Policy which was adopted in 2006. <br />The proposal incorporates a transfer of unused General Fund surplus to the Capital <br />Improvement Fund. This transfer will be considered as part of the General Capital Funds <br />balance available for capital projects. The Reserve Policy memo illustrates this <br />amendment in more detail. <br />Staff is recommending that the Financial Policies are adopted as presented and that the <br />Reserve Policy amendment is adopted effective for the fiscal year 2007, and retroactively <br />applied. <br />