HomeMy WebLinkAboutCC 12.20.16 Resolution 2016.106_Legal Reserve Fund CITY OF LAKE ELMO
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION 2016-112
RESOLUTION AUTHORIZING INITIALIZATION OF A NEW LEGAL RESERVE
FUND
WHEREAS, the insurance deductible for the City of Lake Elmo has been
increased to $200,000;
WHEREAS, the increased deductible is for a time uncertain;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LAKE ELMO, MINNESOTA, THAT:
1. The City of Lake Elmo will set up a new Legal Reserve Fund of $200,000
effective January 1, 2017.
2. The Legal Reserve Fund will be reviewed in November of each year in order
to determine whether the funds need to be replenished, and if so to what
balance, or discontinued and transfer the funds back to the General Fund
Reserve for the following year.
3. The Finance Committee will review and make a recommendation to the City
Council each year.
ADOPTED BY THE LAKE ELMO CITY COUNCIL ON THE 20th DAY OF
DECEMBER, 2016.
By:
Mike Pearson
Mayor
(Seal)
Julie Johnson, City Clerk
Resolution 2016-112 1