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05/24/1999 Council Packet
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05/24/1999 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
05/24/1999
Council Meeting Type
Regular
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AGENDA ITEM 3 A <br />STAFF ORIGINATOR: Daniel Tesch, Director of Administration <br />DATE 21 May, 1999 <br />TOPIC: Resolution 99 -35 designating fund balance for the General fund <br />for the year ended 31 December 1998. <br />VOTE REQUIRED: Simple Majority <br />Resolution 91 -3 set standards for a reserve policy for the General Fund. The policy requires <br />that 1/2 of cash flow from property taxes and state aids for the ensuing year be required, 15% <br />general contingency reserve for the ensuing budget, prepaid items (i.e. insurance, seminars, <br />etc.) and unpaid employee benefits (vacation, sick leave severance). In 1998, the total <br />reserves surpassed these requirements by $300,874. It was the consensus of the city council <br />at their 4 May 1999 work session that dollars be allocated in a way as outlined in Resolution 99- <br />35. Please note that $27,444 is listed as unreserved and undesignated. <br />1. Approve resolution 99-35 to designate the General fund balance for the year ended 31 <br />December 1998. <br />Send back to staff to reallocate, but this would hold up the 1998 Comprehensive Annual <br />Financial Report. <br />Option 1 <br />
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