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AUG.18 '95 9:43AM 612 895 4462 P.3 <br /> A <br /> • <br /> POLICY NUMBER 1.250 <br /> &Utrirl.% 1V- <br /> CONTINGENCY <br /> RESERVE FUND <br /> • <br /> I. PURPOSE AND NEED FOR POLICY • <br /> The purpose of this policy is to assure that resources are available <br /> to meet unforeseen emergencies by the establishment of a reserve <br /> fund totaling five (5) percent of the General Fund budget. This <br /> fund will be available for appropriation by the City Council for <br /> unforeseen emergencies. <br /> • <br /> II. POLICY <br /> 1. It shall be the policy of the City to establish and maintain a <br /> Contingency Reserve Fund equal to five (5) percent of the amount <br /> of the General Fund budget. <br /> 2. Appropriations from this fund shall be made by the City Council <br /> only in the case of' an unforeseen emergency. <br /> 3. The City Council shall review the fund during the annual budgeting <br /> process and provide funding on a scheduled basis in order that <br /> the fund achieves full funding. <br /> • <br /> • III. PROCEDURES . <br /> 1. The City shall create and maintain a Contingency Reserve Fund <br /> and will record all of the revenues received and expenditures <br /> authorized in accordance with City procedure established for <br /> all of the city' s funds. <br /> • 2. Funding will be reviewed during the annual budgeting process <br /> and appropriations to the fund will be provided on a scheduled <br /> basis so that full funding is achieved in a period not exceeding <br /> five years. <br /> 3. All available monies will be invested and interest earnings will <br /> be credited to the fund. <br /> IV. RESPONSIBILITY AND AUTHORITY <br /> Administrative implementation of policies and budget. <br /> 1110Submitted by Date November 23, 1982 <br /> Reviewed by f- . * 37 Date November 23, 1982 <br /> folic Freee.d.‘Lsres /1s.>,az,i <br /> G 1 ky guN-vi U y f 1 e- <br />