Laserfiche WebLink
RESOLUTION NO. XXXX <br /> CITY OF MOUNDS VIEW • <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> A RESOLUTION ESTABLISHING GENERAL FUND RESERVES AND/OR DESIGNATIONS <br /> WHEREAS, The Council recognizes that an adequate level of fund balance is necessary to <br /> provide for : <br /> 1) cash flow requirements <br /> 2) Contingent employee benefits: <br /> Compensated absences <br /> Accrued sick leave <br /> 3) Ensuing years budgeted deficiencies <br /> 4) General contingencies and emergencies <br /> IIINOW, THEREFORE BE IT RESOLVED, as a matter of City policy, that the following General <br /> Fund reserves/designated be established and maintained as far as practicable: <br /> 1) Cash Flow Reserve/Designation equal to one-half of the General Fund property <br /> tax levy plus anticipated State aids for the ensuing year. <br /> 2) Contingent Employee Benefit Reserve/Designation for Compensated Absences <br /> and Accrued Sick Leave equal to amounts computed at each December 31st based <br /> upon existing City policy and generally accepted accounting principles. <br /> 3) Ensuing year's General Fund budgeted deficiencies <br /> 4) General Contingency (including emergencies) Reserve/Designation equal to <br /> 10% of the City's General Fund Expenditures Budget for the ensuing year. <br /> BE IT FURTHER RESOLVED, that the Administration shall annually calculate the amounts of <br /> the above Reserves/Designations (based upon the above) and report such <br /> Reserves/Designations in the City's Annual Financial Report; <br /> BE IT ALSO FURTHER RESOLVED, that the City Council shall periodically review it <br /> Reserve/Designation needs and requirements and make such changes to this policy <br /> statement as required to provide for the financial strength and integrity of the City. <br /> III <br />