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DRAFT #1 <br /> AUGUST 31 , 1995 <br /> CONTINGENCY FUND POLICY <br /> Purpose of Policy <br /> The purpose of this policy is to assure that General Fund resources are available <br /> to meet qualified unbudgeted and_unforeseen_expenditures-and-allow-the-aty <br /> Council flexibility in governing the financial health of the City of Mounds View. <br /> II. Policy Statement <br /> A. Annually, the City Council shall establish a General Fund Contingency Fund <br /> in the amount equal to % of the General Fund Budget. <br /> B. The funds from the fund will be appropriated only under the guidelines <br /> established under Policy Procedures. <br /> III. Policy Procedures <br /> A. All expenditures from the Fund shall be approved only after a case <br /> has been made that the expenditure meets the following criteria: <br /> 1. The expenditure is a result of an unforeseen emergency <br /> requiring unbudgeted funds to maintain accepted and agreed <br /> upon levels of service delivery. <br /> 2. The expenditure is not of an emergency nature, but is <br /> required to meet Council goals and objectives for continued <br /> quality service delivery or to meet an unforeseen service <br /> need. <br /> 3. It is proven that funds for the proposed Contingency Fund <br /> expenditure cannot be secured from existing sources within <br /> the current year's budget. <br /> 4. The expenditure is not of a recurring nature. <br />