Laserfiche WebLink
City of Mounds View, Minnesota <br /> Management Report,Page 19 <br /> The City's minimum cash flow reserve requirement is measurable. For the City of Mounds <br /> View, the minimum required surplus is$950,206 computed as follows: <br /> 1990 budgeted levy('includes Homestead Credit) $1,255,153 <br /> 1990 anticipated Local Government Aid 645,260 <br /> Total $1,900,413 <br /> • <br /> One half of total $950,206 <br /> 1111 <br /> The City has demonstrated that a financially sound General Fund is attainable through prudent <br /> fiscal planning. The City has met its cash flow required reserve and also has approximately <br /> Pr'o Y <br /> $477,000 of other General Fund reserves to fulfill the various other reserve requirements as <br /> 11 described in this report and to meet specific reserve requirements as established by formal City <br /> policy as follows: <br /> Designated for compensated absences $132,113 <br /> Designated for contingencies 271,101 <br /> • Designated for committed contracts 20,283 <br /> Designated for inventory 18,943 <br /> Designated for cash flow 950,206 <br /> Total designations 1,392,646111 <br /> Undesignated 342,989 <br /> Total Fund Balance-December 31,1989 $1,735.635 <br /> 111 <br /> Without this adequate General Fund reserve,the independence and autonomy of the City may ft <br /> be impaired. The City of Mounds View has taken actions over the past several years to improve <br /> the financial position of its General Fund. We commend the City for these actions and encourage <br /> the City to continue to monitor this reserve balance. An adequate reserve structure will enable the <br /> City to retain its financial independence and integrity during the present change in economic <br /> environment. 111 <br /> I <br /> t <br /> I <br />