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, <br />RESOLUTION NO. 1757 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />A RESOLUTION ESTABLISHING A GENERAL FUND FOR COMPENSATED <br />ABSENCES PAYABLE <br />WHEREAS, the City's auditors have, in their management <br />report dated December 31, 1983, recommended that the City <br />maintain an adequate level of fund balance in the General Fundin <br />order to provide for the financial strength and integrity of the <br />City; and <br />WHEREAS, the Council recognizes that an adequate level of <br />fund balance is necessary to provide for compensated absences <br />payable; <br />NOW, THEREFORE, BE IT RESOLVED by the Council that $57;851 <br />of the fund balance of the General Fund be designated as a <br />reserve for compensated absenses payable; <br />BE IT FURTHER RESOLVED that, as a matter of policy, the <br />reserve for compensated absences payable of the General Fund <br />shall, as far as is practicable, be maintained at an amount which <br />equals the compensated absences payable of the General Fund <br />contained in the annual financial statements; <br />BE IT FURTHER RESOLVED that, the Council shall annually <br />review the adequacy of the amount of the reserve for compensated <br />absences payable as part of the budget preparation process. <br />Adopted this 9th day of July, 1984. <br />ATTEST: <br />Mayor <br />(SEAL) <br />Clerk -Administrator <br />