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5-22-86 Agenda & Packet
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5-22-86 Agenda & Packet
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City of Mounds View, Minnesota <br /> Management Report, Page 15 <br /> The amount of General Fund reserve required to meet emergency and/or unanticipated <br /> expenditures is not readily quantifiable. Rather, the level of this requirement must , <br /> established by the City based on the history of the City and the philosophy of <br /> "adequate" reserve coverage. <br /> The reserve requirement to deal with unforeseen intergovernmental revenue reductions <br /> is also difficult to quantify. State and Federal legislation dealing with shared aids <br /> is somewhat unpredictable. The City must strive to remain current on the effects of <br /> changing legislation and budget such aids accordingly. A reserve balance in the City's <br /> General Fund will mitigate the adverse effects of aid reductions which are received <br /> after expenditure budget commitments are made. <br /> The City's minimum cash flow reserve requirement is measurable. For the City of <br /> Mounds View, the minimum required surplus is $720,000 computed as follows: <br /> 1986 Budgeted Levy (Includes Homestead Credit) $ 895,000 111/1 <br /> 1986 Anticipated Local Government Aid 545,000 <br /> Total $1 ,440,000 <br /> Minimum Required Cash-Flow <br /> Reserve (One-Half of Total) $ 720,000 <br /> The City has demonstrated that a financially sound General Fund is attainable <br /> through prudent fiscal planning. The City has met its cash flow required reserve and <br /> also has approximately $412,000 of other General Fund reserves to fulfill the various <br /> other reserve requirements as described in this report and to meet specific reserve <br /> requirements as follows: <br /> Designated for compensated absences $ 80,707 <br /> Designated for committed contracts 1 ,465 <br /> Designated for contingencies 211 , 119 <br /> Sub-total 293,291 <br /> Designated for cash flow 719,444 <br /> 111/1 <br /> Undesignated 119,542 <br /> Total fund balance - December 31 , 1985 $1 , 132, 277 <br />
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