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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 26, 2007 <br />FINANCIAL policies by local government, and the Council's subsequent interest in <br />POLICIES creating a financial document to do so, as evidenced by our 2007 Goal <br />Setting Session. The Administrator presented the Council with a proposed <br />Financial Policy for the City of Little Canada which was previously <br />reviewed at a workshop meeting. Changes discussed at that workshop <br />have been made. Council reviewed the proposed Financial Policy and <br />found it in order. <br />Ms. Allan introduced the following resolution and moved its adoption: <br />RESOL UTION NO. 2007-9-243 -ADOPTING THE CITY OF LITTLE <br />CANADA FINANCIAL POLICIES AS PRESENTED BY THE CITY <br />ADMINISTRATOR AND THE FINANCE DIRECTOR <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />RESERVE The City Administrator reviewed the Finance Director's report dated <br />POLICY September 20, 2007 outlining a proposed amendment to the City's <br />Reserve Policy which re-establishes the prior policy of using the General <br />Fund surplus to help support the General Capital Improvement Program. <br />It was noted that this amendment does not impact the City's goal of <br />having a 42.5% reserve balance at the beginning of each fiscal year. This <br />goal is consistent with the mid-range suggested by the State Auditor. <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOL UTION NO.2007-9-244 -ADOPTING THE RESERVE <br />POLICYAMENDMENT ASPROPOSED BY THE FINANCE <br />DIRECTOR AND OUTLINED IN HER REPORT DATED <br />SEPTEMBER 20, 2007 <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />MEDICAL & The City Administrator reviewed the City Clerk's report dated <br />DEPENDENT September 20, 2007 recommending an increase in the City employees' <br />CARE Medical & Dependent Care Flexible Spending Account cap from <br />FLEXIBLE $4,200 per year for medical and dental expenses to $5,000 per year. <br />SPENDING The cap for elected officials would remain at $3,000. This cap amount <br />CAP reflects the dollars that City employees can withhold from their pay on a <br /> pre-tax basis to pay for medical and dental expenses. <br />24 <br />