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RESOLUTION NO. 8026 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> <br />Assigning General Fund Balance for Future Levy Reduction and Stabilization <br /> <br />WHEREAS, the City desires to maintain accounting records that follow Generally <br />Accepted Accounting Principles (GAAP); and <br /> <br />WHEREAS, the City Council would like to maintain the intent of the former Levy <br />Reduction Special Revenue Fund; and <br /> <br />WHEREAS, the City Council previously “Committed” fund balance in Resolution 7824; <br />and <br />WHEREAS, additional guidance has been provided by the Government Finance <br />Officers’ Association (GFOA) as to requirements for establishing committed fund balance; and <br /> <br />WHEREAS, the amount previously committed for levy reduction does not meet those <br />criteria but does meet the criteria for assignment; and <br /> <br />WHEREAS, the City Council would like to “Assign” General Fund balance for future levy <br />reduction/stabilization and has established that use of assigned fund balance can be no more <br />than ten percent (10%) of the subsequent years budgeted expenditures; and <br /> <br />WHEREAS, 2012 and future assigned amounts will be calculated by adding to the <br />preceding years’ amount a proportional amount of interest and deducting the council designated <br />budget transfer to determine the current years’ assigned amount; and <br /> <br />WHEREAS, future councils are not limited by this assignment if circumstances change <br />and can modify this assignment by rescinding and passing a new resolution. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the Mounds View City Council that General <br />Fund Balance is Assigned for future levy reduction and stabilization based on the above formula <br />and future use of assigned fund balance is limited to no more than ten percent (10%) of <br />subsequent budgeted expenditures. <br /> <br />Adopted this 26th day of November 2012. <br /> <br /> __________________________ <br /> Joe Flaherty, Mayor <br /> <br />ATTEST: <br /> __________________________ <br />Jim Ericson, City Administrator <br />(SEAL)