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City of Lino Lakes, Minnesota <br />Management Report, Page 15 <br />The general contingency reserve is equal to 15% of the City's general fund expenditure budget <br />for the ensuing year as follows: <br />1996 budgeted expenditures $4,084,548 <br />Applicable percentage 15 % <br />General contingency reserve $612,682 <br />The contingent employee benefit reserve is equal to an amount computed at December 31 for <br />accrued vacation and sick leave. <br />A summary of these reserves is as follows: <br />Reserve General <br />Requirement Fund <br />Per City Balance <br />Reserve/Designation Policy Available Difference <br />Prepaid items $ 123,673 $ 123,673 $ <br />Cash flow 1,420 ,503 1,420,503 <br />General contingency 612,682 542,055 70,627 <br />Contingent employee benefits 184,015 184,015 <br />Totals $2,340,873 $2,086,231 $254,642 <br />The City of Lino Lakes has improved the financial position of its General Fund over the past <br />several years. We commend the City for these actions and encourage the City to continue to <br />monitor this reserve balance. An adequate reserve structure will enable the City to retain its <br />financial independence and integrity during adverse economic conditions. <br />