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arf <br /> REQUEST FOR COUNCIL CONSIDERATION Agenda Section: <br /> ams <br /> STAFF REPORT Report <br /> Report Number: <br /> AGENDA SESSION DATE �� 9QJ ' � /y/`S Report Date: <br /> SPOSITION '"� <br /> **-1-y1-J/-1-CZ /te y� <br /> Item Description: <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> This memo is intended to provide some additional information for Council to consider during discussions <br /> regarding the development of a policy for the use of contingency. A publication of the Government <br /> Finance Officers Association (GFOA), An Operating Budget Handbook For Small Cities and Other <br /> Governmental Units, contains a discussion of Contingency. Contingency is defined as, "A budgetary set <br /> aside for emergencies or unforseen expenditures not otherwise budgeted for." In a discussion regarding <br /> the amount of contingency, the following guideline is given: "The exact amount needed will be relatively <br /> small, say two to five percent of the budget." <br /> The amount of contingency that the City of Mounds View has budgeted for the past few years is <br /> presented below. <br /> Year Amount Percent of <br /> Budget <br /> 1996 $70,777 2.06% <br /> 1995 $60,000 1.73% <br /> 1994 $50,000 1.58% <br /> 1993 $50,000 1.67% <br /> Should you have any questions please do not hesitate to contact me. <br /> ,'COMMENDATION; _ n <br /> Donald Brager, Finance 6rector <br />